Cost element & is not assigned to a cost component

What causes this issue?

The system attempted to generate the <DS:GLOS.cost_component_split>cost
component split</> for the material, but discovered that no assignment
has been made in <DS:GLOS.cost_component_structure>cost component
structure</> &V3& for <DS:GLOS.cost_element>cost element</> &V1& and
possibly for origin group &v2&.

System Response

The cost component split is incomplete. The
<DS:GLOS.3526B70FAFAB52B9E10000009B38F974>cost of goods manufactured
</> in the cost component split is therefore less than in the
<DS:GLOS.3526B5B5AFAB52B9E10000009B38F974>itemization</>.

How to fix this error?

Go into Customizing for Product Cost Controlling and carry out the
assignment for cost component structure &V3& and chart of accounts &V4&
.

Error message extract from SAP system. Copyright SAP SE.