Thanks all for the numbers corrections. That gets me down to about $0.15/shell, $38/case. That's a lot more like what I expected.
For the record, I'm not comparing to El Cheapo shells, but rather Remington Gun Club at a minimum. I just bought TomF's
beautiful Rem 1100, and I'm not putting garbage through it.
Time to start saving all my RGC and WinAA hulls, I guess.