In a small bowl, microwave chocolate on high for 30-seconds at a time until melted and smooth when stirred (it will take a 1 1/2 to 2 minutes). Pour melted chocolate over cereal and stir (gently) until evenly coated.
In a separate small bowl, combine flavor packet and powdered sugar.
Pour cereal mixture and powdered sugar mixture into a resealable plastic bag and shake until well coated.
Spread onto a baking sheet to cool.
Notes
Bubble Gum Muddy Buddies can be stored in an airtight container in the refrigerator for up to 1 week. For a fun variation, mix strawberry flavored Nerds in with the chocolate before combining with cereal. Enjoy!