Carry out period-end closing for material &1 &2 in the previous period

What causes this issue?

You want to perform single-level price determination for material &v1&
with valuation type &v2& in valuation area &v3&. You have entered the
period for which the price is to be determined, but you have not yet
completed period-end closing for the material in the previous period.
The status of the material in the previous period is &v4&.
Price determination indicator <LS>3</> requires that you perform
single-level price determination (and possibly multi-level price
determination) each period as well as the corresponding closing entry.
This is necessary even if you have not entered any actual data for the
material.

System Response

The system does not allow single-level price determination for the
specified material.

How to fix this error?

You must perform single-level price determination (and possibly
multi-level, as well) and the closing entries for the previous period
before proceeding.

Error message extract from SAP system. Copyright SAP SE.