Make a cupcake shaped like an elephant.
Unwrap the cupcake and turn it upside down. Ice with red frosting.
Cut out two floppy ears from the fruit leather and place those on the side (try several layers of leather for more stability).
Use the bull's-eye candies for eyes. Make a trunk by rolling a cone shape out of fruit leather. Use the banana candies as tusks and place them on each side of the trunk. Don't forget to have a few peanuts on hand to feed your new pachyderm.