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Ice ball cakes smooth with spatula. Moisten bottom of sugar cones and trim to 3 in. long. Dip cones in melted candy tinted pink and yellow, sprinkle with Rainbow Nonpareils and refrigerate until firm. Attach cones to heads with icing.
Pipe tip 3 swirl hair on each cake. Add tip 3 dot and string facial features. Mix coconut in melted candy and attach to top and bottom of party hat. Position cakes on foil-wrapped cake board.