Commissioned Queen Size Quilt - Help

[gable428]

I'm halfway through a queen size quilt that I am piecing and then will quilt. It's for my boss and it's applique using ties he used to wear, which are being cut to look like actual ties in 9 x 12 blocks. How much should I charge him? I was thinking $500 and that would include the quilting [e2e panto], plus he will reimburse me for whatever fabric I have bought for the project. What do you all think? I know he will pay me good, but I want to be fair. Thoughts? Thanks!