Price determination is only possible for materials with price control 'S'

What causes this issue?

You are attempting to perform price determination for material &v1&
with valuation type &v2& in valuation area &v3&.
The material has price control indicator <LS>V</> in its master record
for period &v4&.

System Response

Single-level/multilevel
<DS:GLOS.3526B6D4AFAB52B9E10000009B38F974>material price determination
</> is only possible for materials with price control <LS>S</>.

How to fix this error?

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.