Price check failed when processing an OE

I have setup price Check with Price Check approval.

However, when processing the O/E . Whether the price is below the percentage threshold or not . l get the below errror message:

"Description: The price check failed because currently the unit cost specified in the price list record is zero. Please review the price list record." 

I have gone back to check where the price list is missing but l seem not to see any issues or setup problems. What is it that l'm doing wrong or forgetting to setup ?

Thanking all of you in advance.