No reference cost estimate found for material & in plant &

What causes this issue?

You are attempting to cost material &V1& by means of a reference cost
estimate. Using <DS:GLOS.3526B701AFAB52B9E10000009B38F974>transfer
control</> &V4&, the system attempted to find a cost estimate that can
be transferred. However, only cost estimates which could not be
transferred (or cost estimates with errors) could be found.

System Response

Material &V1& in plant &V2& cannot be costed.

How to fix this error?

Check your settings for reference variant &V3& or transfer control &V4&
.

Error message extract from SAP system. Copyright SAP SE.