Why is the cost processor logging a standard cost missing error?

The cost processor shows a standard cost missing error if any of the cases listed here is true:

• In the item cost profile, you have set the cost method Standard but you haven’t defined a standard cost for the item in cost accounting.
• The cost allocation basis is set to Fixed for an item in the manufacturing work order but you haven’t defined a standard cost for this item. In this case, you must define a standard cost for the item even if the cost method is set to Actual or Perpetual Average in the item cost profile.