Spray three 8-inch round cake pans with Wilton Cake Release or grease with solid vegetable shortening (like Crisco) and coat with granulated sugar. Roll the sugar around the pan after you grease it and discard extra.
In the bowl of a stand mixer, add the cake mix, oil, eggs, and extracts. Beat on medium for two minutes. Stop mixer and scrape the sides and bottom of the bowl with a spatula. Mix 10 to 20 seconds longer.
Stir in the coconut and pecans by hand.
Divide equally between the three pans and smooth the top.
Bake at 350℉ for 20 to 24 minutes or until cake is done.
Allow the cake layers to rest in the pans for 10 minutes before inverting them on wire racks to cool completely.
Cream Cheese Frosting
Add the butter and cream cheese to the bowl of your stand mixer. Beat until smooth.
Slowly add the powdered sugar, heavy cream, and extract. Beat until smooth. Add more sugar is it's too thin. Add more cream if it's too thick. Add very small amounts at a time.