Hi,
You can create a new project and tasks and phases in it.
You can assign material/product to any of the task, select check box 'To stock'.
Then you can create project stock order from project, while creation of order, system will ask you to enter ship from location (Production plant).
Once you release the order, it will come in production, as customer demand, after MRP it will get converted to production order, then you can follow regular production process.
Once your product is ready, you can assign it to project, where once it gets consumed, its cost will appear on project.
With Regards,
Prathamesh Lonkar