Heat the oven to 350°F (175°C) and grease a 9-by-13-inch baking pan. Mix the cake mix, water, oil, and eggs until smooth, following the package directions if they differ.

Bake the cake for 25 to 30 minutes, or until a toothpick inserted into the center comes out clean. Let the cake cool completely, then chill it for about 30 minutes for easier crumbling.

Break the cooled cake into a large bowl and crumble it into fine, even crumbs. Add about three-quarters of the frosting and mix until the crumbs hold together like soft dough, adding the rest only if needed.

Roll the mixture into 1-inch balls, using approximately 1 tablespoon per ball. Arrange them on a parchment-lined tray and chill for 30 to 60 minutes, until firm.

Melt the candy coating according to the package directions. Dip each chilled cake ball, allow excess coating to drip away, and add sprinkles while the coating is still wet.

Let the coating set completely before serving. Store the finished cake balls according to the storage guidance below.