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1. Remove paper cups from cupcakes. Roll out white fondant until about 1/8 inch thick. Using a 5-inch round cutter, cut out 12 rounds. Gently drape 1 over top and around sides of each cupcake.
2. Roll out purple fondant until 1/8 to 1/4-inch thick. Using the horse and duck from the animal cutter set, cut out 12 of each. Using a small knife, cut out 48 (2-inch-long) strips of purple fondant that widen slightly on one end. Repeat, using pink fondant to make additional horses, ducks, and strips.
3. Gently press 4 pink and 4 purple strips onto each cupcake placing the pointed end of the strips at the top. alternating colors. Press horse and duck cutouts onto cupcake sides, alternating colors and shapes.
4. Squeeze icing on one side of 4 candy corns and press gently into sides between cutouts. Repeat with remaining cupcakes.
5. Squeeze icing on one side of each peppermint candy and press 1 into top center of each carousel.
6. Push pointed end of each toothpick through 1 strip candy flag. Push 1 flat into center of each cupcake next to peppermint candy.