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Default How much is too much?

Buddy of mine wants to build Norm's Cypress bench
http://www.newyankee.com/getphoto2.cgi?1203.jpg

So we went to the local store and they have some 8/4 Cypress with a
few knots roughly 8" and 8' long. He tells us it is $5.80 BF, we
thank him and head back to work.

I whip out my handy dandy BF calculator (OK MS Excel) calculate how
much, add 20% for miscuts and knots, add the 7% for or non-seatbelt
wearing governor and get ~$400.

Does $5.80 sound right for Cypress? I can't find an online price
without placing an order.

 
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