You are correct.
HOWEVER, having said that, there are ways to write it that can easily be screwed up if one forgets the order between division and multiplication (as I did) and there are ways to write it that are not subject to that mistake at all.
For instance Lb=V÷100TLm is order dependent (if I multiply the 100 x TLm first, the answer is wrong).
by comparison...
Lb=VTLm÷100 is NOT subject to an order dependence between multiplication and divisions (If you divide first, you'd still do V * (TLm/100) which is right, and if you do multiplication first, you'd do (V * TLm) ÷ 100 which would still work)
So, at the least, it isn't an optimal way to write it to avoid that fairly common error.
But yes, it is correct, if not optimal, as written.