Make cakes. Bake and cool cakes in silicone mold supported by cookie sheet.
Cover cakes with icing. Reserve a portion of white icing for cap trim. Heat remaining icing following technique instructions. Tint portions red and green. Cover cakes with icing. Let set.
Add details. For green caps, tint fondant dark green. Roll out 1/8 in. thick. Use fondant cutter to cut a strip, 3/8 in. x 23 in. Use a damp brush to attach to cap, wrapping diagonally from top to bottom.
For both hats, use tip 7 and reserved white icing to pipe ball pompom and outline hatband. Sprinkle with coconut.