Automatically Track Inventory Usage

I'm new to smartsheets and am not an excel expert, but I've been building some sheets and workflows and have a question about more advanced capabilities of the program. 

I'm hoping there's a way to automatically track inventory usage based on information input into a separate smartsheet form?  I have two sheets: one is the inventory list, and one is related to outgoing inventory items.  I'm wanting to include the items from the inventory list on the outgoing inventory form and when users "order" an item through the form, have it deduct from the quantity noted in the inventory sheet automatically. 

Can someone let me know A) if this is possible; and B) how to do it?  Thank-you!

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