Preheat your oven to 350 degrees F. Line two 9-inch cake pans with parchment paper circles and spray with nonstick cooking spray.
In the bowl of an electric stand mixer, cream the sugar and butter on high until light and fluffy, about 3-5 minutes. Scrape the bowl with a spatula.
Turn the mixer on low and add in the baking powder, salt, eggs, strawberry and vanilla extracts, and lemon zest. Scrape the bowl again and slowly beat in the flour and milk. Mix in food coloring if desired.
Pour the batter into the two cake pans. Bake for approximately 25 minutes, until a toothpick inserted into the center comes out clean.
Cool for 5 minutes in the pans, then flip the cakes out onto a cooling rack, remove the parchment paper, and cool completely.
In a clean mixing bowl, beat the cream cheese until light and fluffy. Scrape the bowl and beat in the butter separately to avoid clumps.
Turn the mixer on low and slowly add the lemon juice. One cup at a time, beat in the powdered sugar until you reach your desired consistency.
Place one cake layer on a cake stand. Spread frosting over the cake in a thin layer. Press the strawberries, trimmed side down, over the surface of the cake, then slather more frosting over the berries.
Set the top cake layer over the strawberries and press to level. Dollop frosting over the top and spread it out and down over the sides.
Leave 1/2+ cup frosting in the mixing bowl. Add 1-3 drops of red food coloring into the frosting and beat until the color is consistent. Spread the frosting around the edges, then move upward in sweeping motions.