I find items like insurance, rent, equipment, and anything else that doesn't play well on a per-candle basis are best calculated on an axis of time as a period cost. And I pay for it like this:
I'll break down my costs for every unit (like @MilosCandlesdid above)... call these unit costs
Estimate the sales for every unit over a period of time - let's use a month for arguments sake... call this revenue
Determine the effective monthly costs that aren't unit-based... call these period costs
If insurance cost $500/yr, that would be $42 a month.
I buy about $50 of shipping supplies per month (hard to map this 1:1 with a candle if you occasionally ship multiples together)
If my equipment budget was $100/yr, that would be $8 a month
If my craft show overhead totaled $135... that would be $135
For a one month period, I now have total costs of my operation (ignoring cashflow) by adding total unit costs with total period costs
My net profit is the #2 - #4 (monthly revenue - all costs for the month)
The only way it makes sense for me to calculate time is if I truly hire somebodies help and can easily tie it into a unit cost of the candle... but typically that's easier to manage as a period cost. "Paying" for my time on an hourly basis is wildly difficult to estimate, but it's fun to see how I end up over the course of a month by dividing my estimated total time investment by the net profit.
So yeah... keeping with the x2 and x3 idea is a bit crazy and really depends on the impact of your period costs. As with all estimations, these things work best with data and good structure. Hopefully I didn't take this wildly off track, @TallTayl!