Parts is the cost of parts in dollars, for the boots themselves.
Labor is the time in decimal hours to do the work.
.5 would be half an hour or 30 minutes
Multiply the time by the "hourly labor rate" of the shop you are using
to get the total cost. Hourly labor rate might be around $75 per hour.
Then after all this you have to go get the front end aligned.
(This analysis is all a guess on my part by the way)