The sentence that is punctuated correctly is:
"Lastly, I baked many items for the bake sale: banana and blueberry muffins; chocolate and lemon cupcakes; and blackberry and cherry pie."
Here's a brief analysis of the other sentences:
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"For my birthday I received: a new bike that I plan to use in a race next month and a gift card to the local bookstore."
- The colon should not be used after "received." It should be: "For my birthday, I received a new bike that I plan to use in a race next month and a gift card to the local bookstore."
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"The club can meet in one of these locations, the gym, the library, or the cafeteria."
- This is a comma splice. It should be: "The club can meet in one of these locations: the gym, the library, or the cafeteria."
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"My favorite foods are: pizza with ham and pineapple; lasagna."
- The colon should not be used after "are." It should be: "My favorite foods are pizza with ham and pineapple and lasagna."
So, the last sentence is the only one punctuated correctly.