Place the coconut oil in a microwave-safe bowl or measuring cup. Microwave for 30 seconds to melt.
In a medium size bowl add all the ingredients (including food coloring if using).
Carefully mix the ingredients. If it becomes too difficult to mix with the spoon, knead with your hands until all the ingredients are well incorporated.
If too dry, add a small amount of oil and continue to mix. If too wet, add more cornstarch and mix until the desired texture is met.