no. $8 is less than minimum wage here. your time allocations are really slim, unless you are a lot faster than most.
value your work as you hope others will value the finished product. double your price (at the very, very least), and then see if the person still wants it done. if it's something you really *want* to do, then charge whatever you want.
but don't underestimate the value of your skills, the quality of your work, or the worth of the final product. this is custom work, and for $112 you couldn't even get a throw cushion made in most upholstery shops. and if the person says no thanks, please please please don't take it personally. if they truly cannot afford it, then negotiate. if they think it's not worth it, i'm sure you have other projects you could be working on. because you are worth all of that and infinitely more.
aileen