The method I use (not sure the "SAP" recommended way) is using transaction MC.5 and entering the current MRP controllers to re-classify and the periods.
I use key figure Total Usage and switch drilldown to Material, now it is possible to a simple ABC. (Note, you may want to standardise your UOM's if different)
1) Goto Edit and choose ABC Analysis.
2) Choose the cut offs, for example A 70%, B 20% and C 10%
3) Once done you will probably see 10% of materials contribute to 70% of demand. These are the A items.
It is worth bearing in mind that high demand might come from only a few customers, so you could consider a dual class analysis using frequency and total usage, this is in the edit drop down menu too .
I have checked MC40 it is found OK but more on this I want to know how to confiure ABC indicator on consumption value in quantity like if consumption is more than 1000 in Last 90 days those material should be "A" if it is 500 to 999 than it is "B" and if it is 1 to 499 than it is "C".