In a small saucepan, melt candy coating over low heat. Remove from heat (if coating begins to harden, return to heat.) Place 1/2 c red jelly beans in coating. Using a fork, remove a few jelly beans at a time; shake off excess coating. Place on baking sheet lined with waxed paper. Repeat with remaining red jelly beans. Let chocolate harden. Combine chocolate-covered beans with remaining colors. Store in airtight container in cool place.