Start by mixing all dry ingredients in one bowl. In another, beat butter and sugar until fluffy, then mix in extracts. Combining them gradually helps build a smooth batter.
Fold in beaten egg whites carefully so the batter stays airy. Alternate adding dry ingredients with coconut milk and sour cream to keep the mixture light and smooth.
Divide batter evenly among pans and bake until a toothpick inserted in the center comes out clean. Let the layers cool completely before removing them.
Beat butter and cream cheese until creamy and lump-free. Add coconut milk, extracts, and powdered sugar slowly until frosting becomes smooth and fluffy.
Trim cake tops for even stacking. Spread frosting and a layer of raspberry preserves between each cake layer before stacking them neatly.
Cover the entire cake with frosting, then gently press shredded coconut around the cake to create the signature snowball effect.