All together the final cost was about 75-100 dollars after all the rebates for the wood and coupons/sales for the fabric and foam. On average a king size suede headboard priced at about 400 - 600 dollars. That's huge savings!
Here are a few pictures of the process and the end result. At the end I added a few of the calculated notes I used to figure out the best way to cut my material with the limited amout of fabric I had. I found it in the clearance section at Joann Fabric and just bought what was left on the roll. Typically fabric like this would run about $40/yard. I got it for about $5/yard.
If anyone is interested in a detailed description of the process, feel free to comment or email me with questions.