Hi Deepak
Configured material and configurable material are 2 separate concepts...
If you are talking about configured material, you can calculate Std cost for them...
however, if material is configurable, i.e. what is to be manufactured is known only after customer order is received, then it is confugrable material.. In this case, you can know the cost only after creating a Sales order
May be, you can go one level further and create a Enquiry in the SD module and calculate the cost estimate at that level... If you find the cost feasible, convert it into Sales order
br, Ajay M