Absolutely correct!
FYI--when you go to a shop inquire if they are "Flat Rate". A flat rate shop is going to quote from the flat rate manual and then charge you that amount of labor, regardless of the time the job takes. What that means is if the book says ten hours, and it takes the guy five hours to do the job, you are going to pay for ten hours, not five. Legal and most common method in the majority of shops. Some shops will check the manual, and then quote you what they believe is a closer figure on actual time. Markup on parts can range from about 35 to 65 percent, depending on the shop's cost.