I don't agree with answer by Michael Allen because the resulting resolutions for ldpi, mdpi, hdpi and xdpi doesn't satisfy the 3:4:6:8 scaling ratios for alternative bitmaps mentioned in the google docs here under 'Alternative Drawables'
http://developer.android.com/guide/practices/screens_support.html#testing
Therefore I would suggest that you take the baseline example that has a minimum size of
470 x 320 dp now using formula from same documentation we calculate full screen resolution for baseline screen size
px = dp * (dpi/160); for baseline px = dp * (160/160) = dp * 1
so px = dp. This means the full screen size for our baseline config. in pixels would be
470 X 320 px (mdpi)
now to follow the 3:4:6:8 scaling ratios for alternative drawables sizes for ldpi, hdpi and xhdpi we need to derive the unit values from mdpi. i.e.
470/4 = 117.5
320/4 = 80
divide by 4 because scaling ratio for mdpi is 4, scaling ratios for ldpi, hdpi and xhdpi are 3,6 and 8 respectively. now just multiply the unit results 117.5 and 80 with these scaling factors
ldpi
117.5 * 3 = 352.5
80 * 3 = 240
mdpi
117.5 * 4 = 470
80 * 4 = 320
hdpi
117.5 * 6 = 705
80 * 6 = 480
xhdpi
117.5 * 8 = 940
80 * 8 = 640
These sizes are now in perfect 3:4:6:8 scaling ratios.