1 product, 1 set of attributes, many product ids

[freefall]

New guy question. How can I deal with the following scenario:

 

Each product has 3 versions (skus).

 

Each sku = a different size

Each sku = a different price

 

Now as far I understand the system you have to set up an attribute which has names and then values. This attribute is then assigned to each item (or at a category) level. This is great, but how do I also include the fact that the sku is attribute dependant eg:

 

Oil Can 1Lt Sku:12345 Price: £25

Oil Can 2Lt Sku:12346 Price: £40

Oil Can 3Lt Sku:12347 Price: £50

 

There may of course be another approach which is to put each item i seperately but I would like the product to display as:

 

OIL CAN

 

its a great oil can yadda yadda

 

Drop Down - 1tr - £25

2tr - £40

3tr - £50