The problem is that once a business gets so big or powerful, they have the ability to rig the game so that free enterprise is not really that.
That is why there were laws against restraint of free trade etc.
If the price of their raw material goes up then typically their profits should go down, at least for the short term. Instead they went way up.
No doubt they were gouging.
10% profit off sales of a product would seem to be a reasonable goal to me. If I were selling something, I personally would set a goal higher than that. Wouldn't you?