Auto assign Inactive item status based on date

Summary

Is there a way to assign an item status based on a date?

Content

Hello, 

We would like to change the item status to Inactive based on a user defined date. Essentially end date the item. I know we are able to end date components on a structure, but I am not aware of how to end date the top level item. 

Use case: we have a deal with a number of one time use display components. The components are used to build a display, and the display is shipped out.  The main display item number and all components remain Active in the system until our Procurement team manually switches the status to Inactive.