That's how it was covered in my class, too. 120-rule (with 20% depth credit for 32%) or 130-rule (32%, no depth credit; this is slightly more conservative) on top of average depth. Discussion covered how to average depth (5 min segments, comparison between gas used over time given known SCR, what to do when going shallow->deep vs deep->shallow, etc). The same principles basically apply to deeper dives where you come up with an average and then can apply either RD or pre-cut tables. In all cases, though, depth average plays a role. As noted by many, this isn't necessarily the same average that a gauge might be trying to give you, so as always, don't turn off your brain.
Thanks!