Selling items that have an inventory quantity

Is there a way to sell items, but add a quantity that once that particular item is sold out they can not select it as an option? 

For example:

If I am selling socks

Socks:  Red

            Blue

            Yellow

I have 2 pairs of red, three pairs of blue and 5 pairs of yellow, when the blue sells out, they can no longer select blue but yellow and red are still options.

This is possible with form widget fields. Please follow the next guide.

How to Setup a Payment Order Form with Limited Stocks

If you need any further assistance, please let us know.