Heat oven to 350°F (325°F for dark or nonstick pans). Generously grease or spray two 8- or 9-inch round cake pans. In large bowl, beat cake ingredients with electric mixer on low speed 30 seconds, then on medium speed 2 minutes. Pour into pans.
Bake as directed on box for 8- or 9-inch rounds. Cool 10 minutes. Run knife around sides of pans to loosen cakes; remove from pans to cooling rack. Cool completely, about 30 minutes.
In medium bowl, add frosting; fold in whipped topping.
On serving plate, place 1 cake, rounded side down. Spread with 1/3 cup frosting almost to edge. Cut about 5 strawberries into 1/4-inch slices; arrange on frosted cake. Top with second cake, rounded side up. Frost side and top of cake with remaining frosting. Garnish with about 5 halved strawberries in center of cake. Sprinkle chocolate chips around outside edge of top of cake. Store loosely covered in refrigerator.