In order to develop an effective pricing strategy for your business, you will need to determine your cost, markup, and profit margin.

Wondering how to ensure you're making a margin on a product? Spocket's profit margin calculator can help!

Simply enter your desired Sales Price and Spocket will automatically calculate the much profit you'll make (after paying for the product's cost and shipping)

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We'd also like to share Shopify’s Profit Margin Calculator that can help you find a profitable selling price for your product.

This should easily help you calculate your estimated profit based on the cost of the item and markup.
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For effective pricing strategies you can check this blog!