$160 sounds about right. My cosplays have ranged from $130-$200 depending on the character, and that's with me being completely lazy and usually not making props. My steampunk outfit has cost me around $250+ on fabrics, notions, jewelry, accessories, not to mention my bf was awesome and gifted me a brass mariner's telescope and I have no idea how expensive it was.
Lacus Clyne cost me roughly $200 because I purchased fabric and then realized it was wrong, so had to re-purchase new fabric, and the wig was imported so it cost about $60 on its own.
My current Ironman project has cost nearly $300 and is still going =/ I haven't even bought primer, paint, sandpaper, etc.