Item Options Group
If you need to attach options to items that can be selected during ordering, take a look at Item Option Groups. Item Option Groups allow you to define option categories like Color Selections, Accessories, Special Handling, etc. that are attached to inventory items and selected during the ordering process.
Set up option groups by going to Admin -> Inventory -> Item Option Groups.
Assign option groups to items when editing items (Inventory -> Items). Under General -> Additional click the edit icon next to Item Option Groups. Mark the option groups that should apply to the item.
When placing an order for an item that has option groups, the options will load automatically when the item is selected. You can select or deselect options as needed. Any extra amounts will be added to the order subtotal.
If you need to track stock levels for different selected options, then you will need to create individual inventory items for each item variation that needs stock levels tracked. You can use the Item Family on the item edit page to group similar items together. When ordering a parent item, a popup will display all child items in the family, and you can add those child items to the order at the same time.
For example if the parent item is Mountain T-Shirt, then you can make additional items for each size that you want to track stock levels for. For the item Mountain T-Shirt Small, you can set its Item Family field to Mountain T-Shirt (the parent). Then when creating an order you can select Mountain T-Shirt and a popup window will appear with all the child items, Mountain T-Shirt Small, Mountain T-Shirt Medium, etc.