Line a cookie sheet with parchment paper. Set aside.
Bake the cake according to the package instructions. Allow to cool completely.
Using a stand mixer or a hand mixer, mix together the cooled cake and the frosting until fully combined. Set aside.
Place the chocolate chips and the coconut oil in a microwave safe bowl and microwave in 30 second intervals, mixing until smooth.
Form the cake mixture into balls using your hands. Dip them in the melted chocolate and place on the cookie sheet. Sprinkle with the sprinkles.
Place the cookie sheet in the fridge or freezer until the chocolate is hardened.
Notes
Placing the cake balls in the freezer to harden the chocolate will cause condensation when they are removed. If you want to be able to serve them at room temperature, allow the chocolate to harden in the fridge.
Store in an airtight container on the counter for 1-2 days, or in the fridge for 1 week.