Lots of potential options.
1). Keep it simple. Put the information all in the one text box, just like you have it on the posting: Men's Polo Shirt - XL - Red - $29.99.
2). If you have the same item with lots of colors, navigate them to the Men's Polo Shirt page, then you only need XL - Red - $29.99.
4). If you have a lot of items, I'd suggest using a query to populate the initial select box, then use the "bind" function via a cfc to populate the other two boxes. You'd simply put the ID in the sql WHERE clause as ARGUMENTS.ID then return the fields you need.
where ...ID = ARGUMENTS.ID