Answer
The density of the material block is less than the density of water. Therefore, the material block will float when placed in water.
Work Step by Step
Weight of Material = 350 lb
(350 lb)($\frac{453.59g}{1 lb}$) = 158,756.5 g
Volume of Material = 1.2 x 10$^{4}$ in$^{3}$
Volume of Material = (1.2 x 10$^{4}$ in$^{3}$)($\frac{2.54 cm^{3}}{in^{3}}$)($\frac{1 nL}{1 cm^{3}}$)
Volume of Material = 196,644.76 mL
Density of Material = mass $\div$ volume
Density of Material = 158,756.5 g $\div$ 196,644.76 mL = 0.807 $\approx$ 0.8 g/mL
As the density of material (0.8 g/mL) is less than the density of the water, the material block will float.