RE: Item price based on item options?
Since you have mentioned the item price, so here I presume you are referring to Sales Price
To set up 1 Item and have multiple variants each having different price for each of the variant.
Approach: Create variants of an item master. Then set up prices for each variant using Special Pricing
Step 1:Go to Item Master

Step 2: Select Variants using Action-> Item

Step 3: Set up variants with code and description

Step 4: Go to Item master and select Special Sales Prices and Discounts as present in the ribbon

Step 5: Select Set Special Prices

Step 6: Enable the variant code using the personalize -> More -> + Field -> Drag and drop the Variant code field.


Drag and drop Variant Code from the right pane (if not visible in the Sales Line)

Step 7: Enter the values as decided by you for each of the variant.

Step 8: Testing: How system would bring in the sales price for each of the variant
Pre-work: Make sure that the variant code is enabled in the Lines using the Personalize -> More -> + Field -> Click on the Lines

Rearrange the columns in the Lines

Go to Sales Order -> Create new -> Lines -> Select item (here 1900-S) and select the variant (eg. Blue and yellow here that I have created)
For Blue variant: 1900-S -> 1900B:

For Yellow variant: 1900-S -> 1900Y:
