This paper discusses a methodology to predict the cost of assembling printed circuit boards (PCB). It is formulated using the flexible assembly system in the Experimental Printed Circuit Board Assembly Facility (EPCBAF) of the GINTIC Institute of CIM. The concept of Boothroyd and Dewhurst is applied in this work. The assembly cost accounts for insertion, test and rework costs only. Although focusing on the specific configuration of the system in EPCBAF, the discussion is directed towards broad applications, enabling a wide variety of assembly systems to be simulated.