File->Create New Version options all greyed out in iTunes 12
I'm a new Mac/iTunes user. I have several .wav files I want to convert to a more compact format. Either .mp3 or whatever format Apple uses by default. The File->Create New Version options are all greyed out.
How do I convert the file to a new format? Why are the options all greyed out?
Thanks.
MacBook Pro (Retina, 15-inch, Mid 2015), OS X El Capitan (10.11)