Uncheck costing enabled flag on the item

Summary:

We have an item costed in a cost scenario and we no longer need that item (i.e. discontinued etc.) in particular Cost Org and want to completely remove it from Standard Costing.
Item was setup with both  Costing Enabled and Include in Rollup = Y.
Cost was never set on the item until a user mistakenly transacted the item via Transfer Order in that Inv Org, resulting in Cost Distributions not processed and validation errors at period end. We were only able to clear by adding item to a scenario with cost of $0.00.

Now business wants to remove it completely and we cannot create a new scenario for the item without specifying 0,00 at a minimum.