Yes, you can.
Each item should have its own SKU and stock quantity so that the item's stock level can be automatically reduced upon sales.
You can create a separate SKU and product quantity for every product variation in your store.
Let’s say you're selling shoes and offer two different colors (black and red) and 5 different sizes (7, 8, 9, 10, 11). It's important for you to be able to track the inventory level of every variation of the product to know when to restock.
To do this, add options Color and Size to your shoe product and create Color + Size variations (black 7, red 10, and so on).
Once you're done, assign a unique SKU to each new variation and specify the stock quantity.