I'm not really sure what the industry standard pricing is for framing because I'm new to this but I feel like $400 for 2 matte openings that are 8x10 is not worth it. I made this mock up quick on what I was looking to do. I would want the recommended matte spacing so the mock up is off.
Here's the thing - I'm almost positive you could go to a better local framer and have it done more cheaply . . . and better.
Michael's is a chain and is like Hobby Lobby in that their framing just ultimately isn't that good. I've had one item framed there and it was hands-down the worst framing job I've ever seen. They couldn't even cut the matte in a straight line!