Material & in plant &: Costing status not allowed for material type

What causes this issue?

Material &V1& in plant &V2& is assigned to a
<DS:GLOS.material_type>material type</> for which the costing view in
the material master record is not allowed.

System Response

The system does not cost the material.

How to fix this error?

Check the material type for material &v1& in the material master record
under <LS>Administrative data</>.
<DS:TRAN.MM03> Display material master record </>


&sys_admin&
If desired, go into Customizing for Logistics General and set the
<LS>Costing</> indicator for the material type.
<DS:TRAN.OMS2> Change material type </>

Error message extract from SAP system. Copyright SAP SE.