No valid price could be determined for material & in plant &

What causes this issue?

The system could not determine a valid inventory price for
calculation of the planned credit of the order for
material &V1& in plant &V2&.

System Response

The system could not calculate the planned credit.

How to fix this error?

If no <DS:TRAN.FAIV03>valid standard price</> exists
for material &V1& in plant &V2&, proceed as follows:
Create a <DS:TRAN.CK11N>standard cost estimate</> for material &V1&
in plant &V2&.
Execute a <DS:TRAN.CK24>price update</> for this cost estimate.
<DS:TRAN.FAIV01>Change the inventory price</>.
If a valid standard price exists, carry out the
last step only.
Then execute order costing again.

Error message extract from SAP system. Copyright SAP SE.