No product cost collector exists for the specified characteristics

What causes this issue?

No <DS:GLOS.3526B6F2AFAB52B9E10000009B38F974>product cost collector</>
exists for the specified characteristics (material &V1&, production
plant &V2&, planning plant &V3&, production version &V4&).

System Response

The document entered cannot be posted.

How to fix this error?

Create a product cost collector for the specified characteristics. Menu
path: Cost Object Controlling -> Product Cost by Period -> Master Data
-> Product Cost Collector -> Edit

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.