Preheat the oven to 325 degrees F.
Grease and flour two 8-inch round (2-inch deep) cake pans.
In a medium-sized mixing bowl, mix together the sour cream, milk, extracts and egg whites with a whisk until smooth and set aside.
In a large mixing bowl, add the flour, sugar, baking soda, baking powder and salt. Whisk together.
Add the shortening, in chunks at a time, to the flour mixture, mixing with an electric mixer on medium speed between additions. Once all the shortening has been added, mix on medium-high until the flour is coated with the shortening and the mixture is crumbly and resembles a sand-like texture. Do not continue mixing past this point, or the mixture will turn into a paste and that will change the final outcome. Add in half the liquid mixture and mix on medium just until combined, no more than 30 seconds. Scrape down the sides of the bowl.
Add in the last half of the liquid mixture and mix on medium until well combined, about 15 seconds or so. Be careful not to overmix the batter at this point. Stop mixing once it's well combined. Mixing too long can cause a dense, rubbery and dry cake.
Scrape down the sides of the bowl and mix again on medium, only for about 10-15 seconds.
Add the rainbow jimmies and fold in by hand with a large spoon or a silicone spatula.
Pour the batter into the greased and floured cake pans and bake at 325 degrees F for 40-45 minutes. Cake layers are done baking when a toothpick inserted into the center of each layer comes out with a few moist crumbs on it or clean, but no raw batter. Do not overbake as that will cause a dry cake.
Cool on a wire rack, in the pans, for about 10 minutes, then remove the cake layers from the pans and let cool completely on the wire racks before adding the frosting.