After giving this much thought, putting new batteries in my calculator ($3.97) and sitting down with some "adult additive" sloshed in my coffee I have come up with this formula for figuring the cost of a quilt.
First, after deciding the pattern you want, and changing your mind several times, books, patterns, templates you thought you had but didn't, or thought you needed, bought and then found after the check cleared; $55. Calculate the amount of fabric you think you need, add 5%. Go online and cruise the fabric sites and make an estimate of the cost of fabric, double that cost and add 20%......this is much the same formula used when remodeling a home. It still won't actually cover all the costs but it's a start.
Head on out to the LQS and find that you can only get less than the required amount of carefully chosen fabric and various sundry supplies, if that much, of what you have chosen, don't forget to add $20 for gas in the car. You'll also need to add in at least about half again budgeted $$ you had decided to spend on the things you have spotted that you can't live without......another $50. Stop and pick up a fresh supply of chocolate and/or favorite adult beverage, medicinally stimulating coffee/tea and a quick trip by the drive thru for nutritional sustenance.....we must keep up our strength after all......$35 minimum.
Then it's home to get back online to order what you couldn't find, don't forget S&H. In the middle of the project you will find that you *can't* find what you thought you had in your stash but you *do* have coupons for TSWLTH so it's another $20 for gas, the chocolate is probably getting a little low by now so you'll need another stop for that, only to find out (when you are in the check out line) that the coupons are out of date or "do not apply" to what you have......back home to online shopping, stash raiding or "shameless begs for fabric" and a possible Plan B. Add 17% to 43% for Plan B.
All told, expenses for "midnight oil", band aids, scissor sharpening or replacement because *somebody* had a project involving wall paper, fishing line, old carpet, paste and wire; therapy costs not covered by insurance for family abandonment issues; pizza delivery; electric bills for the lights, machines, iron......the cost of new iron when the other one gets knocked off the board during woozy states of sleep deprivation; the hourly wage for fine craftsmanship (minimum wage is NOT an option no matter what your skill level). Innumerable quarters plunked in the "Bad Word" jar unless you can convince others you are mumbling about a *Flock* of *Ships* ;) ... wrapping paper, ribbon, card, possible mailing expense.....more chocolate, more caffeine, more of *everything* except time.....and that quilt will cost 'prit neer' the same as a Master's degree in Fine Arts in Literature. YMMV
Val