I believe I managed very well to keep the cost down that low. But where can you get a hand made, batik, queen size quilt for that price? 8-)
Actually, I forgot to add the cost of batting, but I always get them at Joann's with a coupon. They have good quality batts.
My backs are always made of leftover scraps from the quilt itself. I piece them and they look pretty good. It takes longer, but the saving in fabric$ makes it worth it. 8-)