So you want to configure Dynamics GP to support Standard Costing -- Here's the minimum you need know:
First, Item Cards must be configured correctly to support Standard Costing:
Standard Costs must be entered for items.
The Inventory Valuation Method for Standard Cost Items must be set to a Periodic Valuation method.
The Posting Account For Standard Cost Revaluation must be assigned to items.
A Bill of Material must be created for Made items and Standard Cost Material Value is the sum of component parts costs.
In order to process a Manufacturing Order in GP, you must assign a routing to the Bill of Materials. Labor, Machine, and Fixed and Variable Overheads are entered on the various steps in your routing.
When Standard Cost Revaluation is performed, Material, Labor, Machine and Overhead costs are totaled to establish a new Standard Cost for the item and existing inventory is revalued to the new cost.