Use a mass update to update the cost estimate type for many items at one time.
To perform a mass update of cost estimates:
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Go to Lists > Mass Update > Site Management Tools > Mass Updates (Administrator).
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Expand General Updates, and click on the type of item for which you want to update cost estimate types, for example, Inventory Item.
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Click the Mass Update Fields subtab, and scroll down.
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Check the Cost Estimate Type box and select from the dropdown list.
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If you select Item Defined Cost in the Cost Estimate Type dropdown, check the Item Defined Cost box and enter a value or a formula.
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Click Preview or Save.