(1) Line the wafer cones on the counter. Unwrap the cupcakes from the paper. Place one cupcake on top of each cone.
(2) Divide the frosting between 4 bowls. With the food coloring, tint each bowl a different color to the desired shade. Cover the cupcakes with the frosting and matching sprinkles.
(3) Separate the chocolate buttons into matching colors of frosting otherwise use random colors. Dab chocolate buttons with frosting/icing, and make a continuous line chocolate buttons around the top edge of the cones.(4) Cut each licorice lace into 6 pieces. Pierce a small hole in the bottom of each cone, and slide a piece of licorice inside.