I think there are a lot of things that you could think about when you are pricing your cakes...
The area that you are in and what the pricing is like.
Your skill compared to others- lots to draw from on CC. How do yours compare to others.
I think that if you are doing for friends and family, as a beginner, I think you should at least charge for your materials and some of your time. I have been doing free cakes for the last 3 years, just had my first "Paid" wedding cake. I just voluteered cake for every occasion I attended, if I had the time.
This has become too expensive to give away anymore, and I think that I can figure out whether or not I should take an order or not, if I could handle it.
Especially when I work full time outside the house....I want this to be my retirement job!!
Start Charging!!
Look at Alice's Pricing Matrix under business and that should give you a good idea.
Figure up the cost of your ingredients and multiply that cost by 3 or 4...and that is the price.. another way is figure up how many servings they want and multiply by $1.50 to $3.00/serving depending on the type of cake the type of icing and how much work it takes.. Sheet cakes, are usually on the lower end..and fondant and alot of scroll work, gumpaste flowers are on the higher end. Maybe that will help. I actually think your smarter starting out by charging per serving. then you are never undercharging. You can still give discounts to family that way..like cut the cost by 10 cents / serving if you want to , but it makes people get used to being charged per serving. Like they are when they eat out somewhere.
slb1956 - what serving chart do you use, I just spent the morning going over many and boy are there lots....I know Wilton makes smaller slices but is it a good guide or not??
I was in yuor shoes about a year ago and I am still tweaking some of my prices, although I am finally comfortable with the majority of them. So don't feel like you need to nail it down right now and stick with it forever.
For pricing, I take the cost of ingredients, then add $1 for cake board and freezer paper, another $1 for cost of elec for the stove, then multiply by 3. That's how I got most of my prices. Of course, anything that takes extra time or detail, you want to price a little bit higher to cover your time.
I also called around to some of the bakeries in our area and got specifics on their prices. If you think a cake is worth $20 and the bakery charges $50 for something similar, then don't feel guilty about raising your prices.
You can also talk to family and friends after you get the basic prices set. Show them some pictures and ask what they think they're worth. Or maybe "Would you pay $30 for this?" Ask why or why not, and if not, what price do they think is fair? Ask people who will tell you the truth, not just agree so they don't make you feel bad.
The first few cakes are hard to put a price tag on. But after you take a few checks from people, "That'll be $40 please" rolls off the tongue pretty easily. The most important thing to remember is that your time is valuable. Don't let anyone tell you differently. Good luck! 
my biggest thing is that i don't always get my stuff from the same place or is it the same price
it's soooo hard for me too
Same here, what I ended up doing was figuring my prices on the most expensive price I may have to pay if I go to a different grocery store, or if I order from a different online store. This way I am covered eitherway.
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