Mark up is an accounting term, showing what percentage of the cost of goods sold the profit is. In other words, what percentage of the cost you put on top to form the end retail price.

The mark up formula looks like this:

Markup = (retail price - cost of goods) / cost of goods

Ex. ($100 – $65) / $65 = 54% markup, you markup the COGS of $65 with 54% to get to the price of $100