Cream together the shortening, butter and sugar until fluffy and smooth. Mix in the egg and vanilla extract. Gradually add in the flour with baking soda until combined.
Divide the dough in half. To one half of dough, mix in the dark chocolate cocoa powder. To the other half add a few drops of red food coloring until desired color pink.
Preheat oven to 350 degrees F. Line two baking sheets with parchment paper. Roll 6 chocolate dough balls and place onto lined baking sheet. Using a small flat bottomed plate or glass, flatten the polvorones to about 2 1/2 inches in diameter. Add some colored sprinkles to the tops.
Repeat with the pink polvorones. Sprinkle with sugar. Place in oven and bake for 11 to 13 minutes, rotating the pan halfway through baking time. Remove from oven and let cool before storing in an airtight container. Yields 12 large polvorones.
Tips~ If you would like to prepare cut-out cookie shapes, I would suggest chilling the dough for at least one hour. Roll out onto a lightly floured surface.