Beat softened butter and shortening at medium speed with an electric mixer until fluffy; gradually add sugar, beating until blended. Add egg and coconut extract, beating well.
Combine flour, baking powder, soda, and salt; gradually add to butter mixture, beating well after each addition. Stir in coconut, cereal, and oats.
Drop dough by heaping teaspoonfuls onto lightly greased baking sheets.
Bake at 325° for 12 to 14 minutes or until golden. Let cool slightly on baking sheets; remove to wire racks to cool completely.
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