Material & with valuation area & has no valuation class in MBEW.

What causes this issue?

The system is unable to find a record for Material &V1& for the
location specified and also cannot find a valuation class for the
material posting.

System Response

The system produces an error message.

How to fix this error?

Check and correct your entry. Make sure that this material has
been created for the right location.

Error message extract from SAP system. Copyright SAP SE.