The thermostat on this engine should take no more than one hour of labor, and that should include draining and refilling the cooling system.
The coolant and the thermostat should run about $40.00 in parts and around $80.00 - $100.00 in labor max. Is it possible they are replacing a coolant hose or flushing the coolant system? If it is merely a thermostat replacement, they are charging quite a lot, and I'm sure you'll find a better price if you call around. This is a very simple repair, so any shop can perform this.