If you are trying to determine the value of a donation, your "purchase price" would be the cost of materials used to make the item. You can't include the value of your labor.
In the same case, the fair market value (FMV) of the item would be the amount you could expect to get if you sold the item to an unrelated person.
If this isn't quite what you are asking, reply with more details of what you are working on.
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