I'm not sure why we call this Puppy Chow, but we do and it is good!
1 Box Rice Chex (12.8 oz)
2 Cups Semi-Sweet Chocolate Chips
1 Cup Peanut Butter
1 Cube Margarine (Room temp)
1/2 tsp. Vanilla
In a pan, melt chocolate, peanut butter, and margarine that is room temperature together over medium heat. Constantly stir. Do not over cook. When melted, remove from heat and add vanilla. Mix with cereal until evenly coated. Place in Zip Lock bag and add powdered sugar. I do about 1/4 of the batch at a time. Be generous with your powdered sugar so all you see is white, but not too much.
Funny story, a few years ago I was making this and while melting the chocolate mixture, it turned into fudge. Which was actually really good. The next few times I made it, it did the same thing! The only thing that I did differently was that I used butter and it wasn't room temp. It may have been on too high a heat or cooked for too long, too. Anyway, I added some marshmallows and graham crackers to the "fudge" and it was really yummy.