Most people are not aware of the cost of fabric or the amount of time something like that requires. Some people are aware and are willing to pay a reasonable amount, but in my experience most people back out just at the cost of the materials (interfacing, batting, backing, binding, thread, any quilting stencils or supplies) much less add anything for your time and expertise.
So figure out a materials list and price it out. Then decide what is it worth it to you to make it. You might want to donate some of your effort in honor of your friend but you certainly don't have to. It may sound bad but I don't want to work for other people any more. There have been other times in my life when I was more willing to work/quilt for hire. Me, when I'm asked now I estimate my time as $15/hour and that a pretty good quilt takes at least a month of full time work after all, I figure I'm worth at least minimum wage in the Seattle area. So far no one has gone further in negotiations
That all being said, while I don't work for cheap I give freely and quilt a lot of gifts and donations because that is worth it to me on my schedule and my whims of what I want to do and when.
I get asked to do a lot of things I just don't do, whether it is something as simple as hemming a skirt or more complex like covering a couch. Yeah, I can and have done both, but not in about 30-40 years! So I've gotten pretty good at just saying no and explaining that I would not be able to do a quality job for them. Some come back and say something like it can be sub-standard, but no, not for me that's not the way workmanship works!