What  a fun idea to keep the kids busy. 

3 quarts popped popcorn
1~1/2 cups salted peanuts ~ { optional } coarsely chopped 
3/4 cup granulated or packed light brown sugar
1/3 cup light corn syrup
1/3 cup margarine or butter
1/2 teaspoon salt
1/2 teaspoon baking soda
1/2 teaspoon vanilla
6 drops of your favorite color of  food coloring
Spray large roasting pan with cooking spray; add popcorn and peanuts, place in 250º oven until warm. 
In heavy 2 ~ quart saucepan combine sugar, corn syrup, margarine and salt. Stirring constantly, bring to boil over medium heat. Without stirring, boil 3 minutes or until the mixture reaches 270° on a candy thermometer.
Remove from heat; stir in baking soda, vanilla and food coloring. { You can divide the popcorn and the syrup into 1/3's and add different colors of the food coloring to get a variety of colors } Pour over popcorn; stir with a big fork until popcorn is evenly coated. When cool enough to handle, but still warm, put butter on your hands and form into 2 to 3 inch balls.
Set on waxed paper until cold and wrap individually in plastic wrap.