Yes!

It's called a "Bill of Materials". You Assemble the master item before selling it, and the components are removed from inventory. You can add fixed and variable costs to the Assembly.

The Bill of Materials Add-on will Auto-Assemble a master item if it appears on an order and you do not have sufficient inventory of the master item on hand. The add-on also allows you to "Un-Assemble" an item back to its component parts.