As others have said, I think this is definitely "too good to be true".
As an example, my LA charges for a panto is $0.0125/sq inch, minimum $60. A good batting will cost around $15-$20 (or more, depending), and if they use a good quality wide backing (and load the quilt sideways) that would be 2.5 yards at $12-$16/yd. So, coming from me, that would be:
$73.8 (quilting) + $15 (batting) + $30 (backing) = $118.8.... at a minimum. And there are alot of LA'ers in my area that charge significantly more.
I would definitely as for (1) pictures of their work, (2) references from other quilters, and (3) name brands of the batting and fabric.
Oh, and I forgot the binding charge - that's the same as panto work, so, another $73.80 (because I really hate doing binding)