01 - Preheat oven to 350°F. Grease two 9x13-inch baking pans and line with parchment paper.
02 - In a large bowl, whisk together flour, sugar, baking powder, baking soda, and salt until well blended.
03 - In another bowl, whisk together milk, vegetable oil, melted butter, eggs, and vanilla extract until smooth and uniform.
04 - Pour wet ingredients into dry ingredients and mix until just combined. Avoid overmixing to prevent tough texture.
05 - Gently fold rainbow sprinkles into batter using a spatula until evenly distributed.
06 - Divide batter evenly between prepared pans and smooth tops with spatula.
07 - Bake for 30-35 minutes until a toothpick inserted in center comes out clean.
08 - Let cakes cool in pans for 10 minutes, then transfer to wire racks to cool completely before frosting.
09 - Beat butter in a stand mixer on medium speed until creamy, approximately 2 minutes.
10 - Gradually add powdered sugar, beating well after each addition. Mix in milk, vanilla, and salt. Beat on high speed until light and fluffy, about 3 minutes.
11 - Once cakes are completely cool, spread a thick layer of buttercream over each cake. Decorate generously with additional sprinkles.
12 - Cut into squares and serve immediately or store refrigerated.