A little update about how much the quilt was worth. I decided to charge her 3 times the cost of supplies, as was suggested by some of you.
After giving my friend the estimate ( and worried she would think I was being outrageous) for the king size quilt, she said her biggest concern was that I was not getting paid enough for my labor.
When I told her it was a big investment to make and I would not be offended if she bought one.... Well I got the job! Because she wants a hand made quilt.
Thanks for all the helpful info everyone gave me.