Set inventory on a product, not the variants?

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I make items to order, and I am looking for a way to have a set quantity on an item, while still allowing for variations.


For example, I have enough material to make 3 shirts. I offer them in various sizes, which also have different prices. 

I would like the total product inventory to be 3, without each individual variant having its own inventory. 


Is this even possible? I am thinking of moving over from Etsy, and this is one feature I use quite often right now.