do not forget insurance, interest on possilbe loans and principle payments. As well there is association fees and levies, atleast in Canada. Add in as well repairs and maintenance, fuel and oil of equipment required to run the operation..not talking hive boxes and stuff, but rather vehicles, trailers, carts, loaders, honey house (building repairs), extraction repairs, etc. Advertising if you sell your honey and wax local. If you scale your honey on your own scales...say to a store, cost of calibrating the scales, Labour also has to include all fees associated with it like Employment insurance, fed tax, provincia/state tax, pension plans...any deductions which the employer adds to. WCB is another. If you file farm tax forms, the need of a good ag accounant. The purchase of bees or queens, syrup, sugar, pollen patties. If you bottle your honey for say farmer's markets, labels, jars/containers, space rental to sell your product, travel expense ...All this will drive up your cost per colony reducing your profit.
Any money put out to operate the hives, extract, pollenate, sell, ship end products should be considered an expense or capital assest purchase which is required to operate the colony from the start to the time the final product leaves your hands should be included when figuring your profit/loss ratio of your hives.
Once a beekeeper starts to do this, and look at everything from a cost stand point it is here one can measure the monetary success by profit or loss. Include all income and all expense. Then you get a true value of cost per hive and income per hive and then the net profit or loss per hive