One of the guys that I hunt with finally decided he needed his own targets so he would't have to keep borrowing mine and asked me to build him as many as I could for $200 or less.
I ordered three pieces of 15"x15" and one piece of 20"x20" of AR500 and then used 3/4" rebar for the target stands and 1/2 rebar for the hangers. Total cost was right at $168 for everything and after a couple of hours in the shop I had his targets ready. I was even able to build an extra target stand to use with paper targets for zeroing a rifle.
I used the $32 that was left over and bought a case of Shiner and a burger.