In a medium microwave safe bowl, combine butter, peanut butter and chocolate chips.
Microwave on high for one minute. Stir mixture.
Heat for an additional minute and stir again.
Reheat and stir a little more until mixture is smooth.
Pour the cereal into a large bowl.
Pour mixture over the cereal.
Stir gently until the cereal is well coated.
Pour the powdered sugar into a large bag. (paper works better than plastic)
Pour the coated cereal into the powdered sugar.
Shake well until cereal is well coated with powdered sugar.
Lay out wax paper onto a counter or table.
Spread puppy show onto the waxed paper and allow to cool and dry.
Store in a covered container or food storage bag until ready to use.
Pour Puppy Chow into a brand new, clean dog dish.
Mix in a dozen Gummi worms for a gross appearance.