Line a large baking sheet with wax paper or parchment. Put your 4 cups of cereal in a large mixing bowl. Set both aside.
Put the milk chocolate chips into a microwave-safe bowl. Microwave on high for 30 seconds. Stir. Repeat in 30 second intervals until the chocolate is fully melted.
Use a large spoon to drizzle the melted chocolate over the cereal. Gently mix as you drizzle, making sure to coat the cereal evenly.
Place the powdered sugar in a 1 gallon zip-top bag.
Carefully scoop the chocolate-coated cereal into the bag with the powdered sugar. Seal the bag and shake it to cover the cereal with the powdered sugar.
Let sit for 1-2 minutes, then spread it out onto the prepared baking sheet. let dry for 1 hour.
Put your cereal back in the large bowl and gently mix in the Whoppers and M&Ms.