If anyone was interested... this is the solution. I got it wrong.
COL WO# FORMAT 999
COL LAB_RATE FORMAT $90.00
COL JOB# FORMAT 9
COL LAB_HRS FORMAT 0.00
COL LAB_CHARGE FORMAT $999.00
COL "APPROVE?" FORMAT A8
SELECT A.WO#, A.WO_DATE, A.EFF_DATE, LABOR_RATE LAB_RATE
FROM
(SELECT WO#, WO_DATE, MAX(EFFECTIVE_DATE) EFF_DATE
FROM LABOR_RATE, WORK_ORDER
WHERE WO_DATE >= EFFECTIVE_DATE
GROUP BY WO#, WO_DATE) A
LEFT OUTER JOIN
(SELECT EFFECTIVE_DATE, LABOR_RATE
FROM LABOR_RATE) B
ON (A.EFF_DATE = B.EFFECTIVE_DATE)
ORDER BY WO# ;