wow! $30 just on materials...that is one expensive pillow! normally people suggest making a choice...either charge an hourly rate...or triple the cost of materials...so if you did that it would be a $90 pillow...or (at $20 an hour) $120 pillow by the hour...
but not everyone charges $20 an hour...decide what you need your hourly wage to be...
but if you plan on making more to sell i would recommend finding a way to cut costs a bit...that is awful expensive for your materials...or sew faster...i would think an hour on a pillow would be pretty normal after you get the hang of it..
i know when my mom learned to make a 20-minute pillow case the first one took her about 4 hours...i made 6 sets in the time it took her to make one case. with some practice she takes about 45 minutes now per case...