Take two large mixing bowls, and add half of the chex cereal to each bowl.

In a microwave safe bowl, melt the pink candy melts by microwaving for 30 second increments, stirring well between.

Pour the melted candy over one of the bowls of chex, and toss the cereal in the candy to coat.

Add 1 cup of the powdered sugar to two gallon plastic storage bags.

Add the pink coated chex cereal to one of the bags, close, and shake to coat the cereal in powdered sugar.

Repeat this process by melting the white candy melts.

Pour the white candy over the remaining bowl of cereal, and toss to coat.

Add the white coated cereal to the other powdered sugar bag. Close, and shake to coat in the powdered sugar.

Line a rimmed baking sheet with parchment, and pour the sugar coated chex onto the baking sheet in an even layer.

Allow the candy to set on the cereal, for about 1 hour.

When serving, add the coated chex to a serving bowl, and add M&M candies and sprinkles.