In the bowl of a stand mixer fitted with the paddle attachment, combine the flour, baking powder, salt, powdered sugar, and granulated sugar. Mix on medium speed until well blended.

Gradually add the chunked butter to the mixer bowl and continue mixing until the mixture comes together into a dough. Then add the vanilla extract and mix to incorporate.

Remove the dough from the bowl and divide it into two equal portions. Return one portion to the mixer bowl.

Add the food coloring and any extra extracts to the dough in the mixer. Mix until the color is evenly distributed. If the dough becomes too wet, gradually add additional flour, a tablespoon at a time.

Roll out each dough portion between two sheets of wax paper until it measures about 11 by 9 inches and is ¼ inch thick.

Place both rolled dough sheets on a cookie sheet and refrigerate for at least 1 hour to chill and firm up.

Once chilled, remove the top wax paper from both sheets. Lightly brush the surface of the vanilla (uncolored) dough with water. Carefully flip the colored dough sheet onto the vanilla dough to form a stacked, even layer. Press edges lightly to seal and trim with a knife for straight edges.

Ensure the dough is cold but pliable. Begin rolling the dough long side into a swirl, jelly-roll style, forming a log.

Pour sprinkles onto a large platter. Gently lift the dough log onto the sprinkles and roll so the sprinkles coat the outside. Wrap the log in plastic wrap and chill for several hours or freeze for up to three months.

Preheat the oven to 350°F (175°C). Slice the dough log into ¼ inch thick slices. Arrange slices on parchment-lined baking sheets and bake for 15 to 17 minutes, or until edges start to turn golden brown.

Let the cookies cool on the baking sheet for about 5 minutes before transferring to a wire rack to cool completely.