Divide strawberry cake mix and powdered sugar between two, gallon-sized zip top bags. (1/2 cup of cake mix and 1/4 cup of powdered sugar per bag). Set aside.

Divide the Chex cereal between 2 large bowls. Place half of the chocolate in a microwave safe bowl and cook at 50% power for 1 minute. Stir and continue cooking at 50% power for 30 second intervals until completely melted and smooth.

Pour the melted chocolate into one bowl of cereal and stir to coat well. Place the coated cereal into one of the zip top bags. Seal and shake the bag until the cereal is evenly coated.

Melt the remaining chocolate in another microwave safe bowl. Stir in 2-3 drops of red food coloring and mix well. Pour the chocolate over the remaining cereal and stir to coat well. Place the cereal in the second zip top bag and shake to coat.

Combine the two bags of cereal in a large bowl and toss in the M&Ms. Enjoy!