I think that estimate is a little high. I estimate cost by taking the cost of material, say $50.00, double that+$100, then add an estimate of hours and multiply that by minimum wage, add to the $200 and then round it off to the next $100 point for a quilt. you have as your profit $150.00. Sure and its a lot of work, but I have found that if you charge too much, even for a masterpiece you are charging to much.