adding product Attributes

I am new to WP and this plugins so please bare with me. I have been to various posts about adding custom fields. Now this has come quite easy to do with your plugins and various others.
Now my issue is i am trying to create product attributes that client can add into fields in admin area and user can select on the front end and submit with the add to cart button.

example:
Color: Red, Blue, White
Size: small, medium Large

these items will go into cart with:
name, price, quantity

is there a simple way to get this work or will be needing custom development for this'

Thanks in advance