Preheat the oven to 350 degrees F. Coat a donut pan with cooking spray.
Place the flour, granulated sugar, brown sugar, baking powder and salt in a large bowl. Stir to combine.
Add the Eggland's Best eggs, butter, milk and vanilla extract to the bowl. Stir until smooth.
Place the batter in a piping bag or freezer bag. Snip off the tip of the bag with scissors.
Pipe the batter into the wells of the pan. Reserve the remaining batter for the second batch.
Bake the donuts for 10 minutes. Let the donuts rest for 3 minutes, then remove them from the pan and place on a cooling rack.
Wipe the pan with a paper towel and coat with cooking spray. Repeat the process with the remaining batter.
Let all of the donuts cool completely.
Place 1/4 cup of cream in one bowl and 3 tablespoons of cream in a second bowl. Microwave the 1/4 cup of cream for 30 seconds and 3 tablespoons of cream for 20 seconds.
Pour the semisweet chocolate into the bowl with 1/4 cup cream and white chocolate into the other bowl. Cover each bowl with plastic wrap.
Let the bowls sit for 3 minutes, then uncover and stir until smooth. You may need to microwave the bowls for another 15-20 seconds if chocolate isn't completely melted.
Dip each donut into either the semisweet chocolate or white chocolate. Top with sprinkles.
Let the donuts sit for about 15 minutes until the frosting has started to firm up, then serve.