I don't want to add anything confusing here but would mention a something for consideration. I am not in the bait selling business (this is a hobby for me) but I have extensive business experience. A thought to consider / remember
Markup % vs Actual Margin
Let's assume that 10% is the "gross profit" you expect to make by marking up the product. ($1 plus 10% markup = $1.10) At the point of sale you collect $1.10 and all is good, right? You have not made 10% on the sale however. (10% of $1.10 = Eleven Cents) the actual margin in this case is 9.09%. Following are some more examples.
15% Markup will yield 13.04%
20% Markup will yield 16.67%
30% Markup will yield 23.08%
40% Markup will yield 28.57%
50% Markup will yield 33.33%
So after calculating your actual DIRECT costs to make a product be careful when you apply markup to that cost so you don't short yourself in covering your "fixed costs" or "overhead" costs.