Preheat the oven to 350 degrees. Prepare a 9x13 baking dish with nonstick cooking spray.
In a large bowl, whisk together the flour, sugar, brown sugar, baking soda, and salt.
To the bowl, add the eggs and fruit cocktail with the syrup. Stir until completely blended.
Fold in the coconut.
Transfer the batter to the prepared baking dish, spreading evenly. Bake for 30 minutes or until a toothpick inserted comes out clean.
Remove the cake from the oven and place on a wire rack.
For the frosting, place the butter, sugar, and evaporated milk into a 2 quart sauce pan. Bring the mixture to a boil over medium heat, stirring often. Continue to boil for two minutes. Remove the frosting from heat and stir in the vanilla. Add the pecans in coconut, stirring just until mixed.
Pour the frosting over the cake, spreading evenly.
Allow the cake to cool completely to room temperature. Cover the cake and refrigerate overnight.
Cut the cake into squares and serve topped with whipped topping, additional coconut, chopped pecans, and/or a maraschino cherry, if desired.