BoM Cost + Margin = Item price

Is there a way to setup pricing for items as such?

Item Price = (BoM Cost * Margin)

As I have a business that heavily relies on items being manufactured to order, I want to be able to update the price of my consumables in my BoM and have my item prices adjust automagically. Any help on this would be amazing.

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I too am in the same boat. How do we go about implementing this?