Thank you so much for responding. It's exactly what I'm looking for; however, it wasn't applying the correct sales price. I set up the same pricing list as you've shown in the screenshot, except I selected the Apply To > Category instead of product.

Here's what I've tried:
1. I created a new PO for a test item stored in the category, changed the cost price to the new one, completed the purchase order, and validated it. I then proceeded to create a Sales Order for a customer and added a product from the category that I created in the Price List. The original sales price still shows the default that was set on the product. I assumed it had something to do with the FIFO method or having old stock. I made sure to create a Sales order that buys out all of the old stock, and created a new Purchase Order with the new cost price. The same sales price was still applied.

2. In my test environment, when I typed in the category name from the Price List, it showed 2 results. I assumed one category was for POS and the other was for Sales. I applied to both. Does that matter?

3. I noticed when creating the Sales Order, the price list showed up for a specific category. I tried selecting it and leaving it as "Default", but neither option applied the new sales price plus markup. Do I have to select this every time?

4. I went into the actual product itself and updated the new cost price from there. The Sales Price didn't budge either.

I figured it out. The product wasn't in the right category. Oops!