i hope that is a brand new master cylinder for that price. I've put reman'd ones on every truck I've had... 3/4 ton drum, 1/2 ton drum, one ton drum, 3/4 ton drum/disc... and never paid more than 25 bucks.
Did your master cylinder come with bench bleeding directions, or the caps needed for the job?
I googled how to bench bleed a master cylinder, and got this link for you.
http://www.misterfixit.com/brakbld1.htm