This is also known as "Muddy Buddies" or "Puppy Food" but we've always called it dog chow. I only make this with Crispix cereal, Chex mix just doesn't seem right (and doesn't have as "dog food" of a shape)
8 cups Crispix Cereal
2 cups chocolate chips
1 cups peanut butter
1 cup butter or margarine
1 bag (approx 4 cups) powdered sugar
Mix chocolate chips, butter, and peanut butter in large saucepan, stir continuously so the chocolate doesn't burn. When the chips have melted, remove from heat and gently stir in cereal until well coated with the chocolate mixture. Put into a bag with powdered sugar and shake to coat. Store in fridge or freezer.
This is an easy and yummy treat that kids love.