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2 large spoonfuls of shortening (serving spoon size...like a serving spoon that comes with your silverware sets...have it heaping with shortening...2 times)
1/2 bag of powdered sugar.
a little boiling water (just put a small bowl in the microwave for a few minutes)
1-2 T. vanilla
cocoa (if desired)
food coloring (if desired)
Put shortening and powdered sugar in mixing bowl. Blend well. It should form small balls or be creamed together (either way is fine). Add 1 or 2 T. vanilla and 2 regular size spoonfuls (like what you eat cereal with) of boiling water. Blend. It should now be nice and creamy like frosting is. If it isn't add another spoon of water one at a time and mix until it turns nice and frosting-like.
Now you have to taste it. If it tastes too shortening-like then add some more powdered sugar (just a little at a time). If it tastes too sweet (usually not the case) then add a little more shortening. If needed add a little bit of water to cream it back up.
It should taste like yummy vanilla/white frosting at this point. Now you can add cocoa if you want it chocolate. Or food coloring if you want it different colors. (If you want more than 1 color then split it into separate bowls before adding the food coloring.)
Anyway...give it a try. It really is easy and way cheaper and yummier than canned frosting.