As a short run powder coater (based in ON) the stripping is your challenge. Honestly at $120 you've already got a decent price. I would charge $50 flat rate for the Powder coating if it's stripped and ready to go. The stripping I would want to be compensated by the hour plus materials, Actually, I would typically prefer it just go out to s stripping shop and have it done in a submersion tank.
Get a separate quote for stripping, that may help - unless the first guy is not actually outsourcing (which is likely).