$$V=5\times10\times12-(5-.5)(10-.5)(12-.5)$$
This amounts to taking the difference in volume between the original rectangular prism and the inside rectangular prism.
Note that if we extend the wall a distance $x$ inward, then each side length of the interior prism's walls will differ from the original prism's walls by $2x$.
As the other answer suggests, if we don't place any restriction on
what values the sides of a cuboid can take, there are way too many possibilities.
We will assume the sides of the cuboid are all integers.
Given a cuboid of dimension $a \times b \times c$ where $a,b,c$ are integers,
we have
$$\begin{align}
\verb/Area/ &= 2(ab+bc+ca)\\
\verb/Vol/ &= abc\\
\end{align}$$
WOLOG, we will assume $a \le b \le c$ and rewrite the formula for area as
$$(a+b)(a+c) = (ab+bc+ca)+a^2 = \frac12\verb/Area/+a^2 = 120+a^2$$
Since $$\verb/Area/ = 240 \implies 120 = (ab+bc+ca) \ge 3a^2 \implies
1 \le a \le 6$$
We have only $6$ cases to analysis.
$$\begin{array}{clll}
a = 1 &\implies 120+a^2 = 121 = 11\times 11 &\leadsto& (a,b,c,\verb/Vol/) = (1,10,10,100)\\
a = 2 &\implies 120+a^2 = 124 = 4 \times 31 &\leadsto& (a,b,c,\verb/Vol/) = (2,2, 29,116)\\
a = 3 &\implies 120+a^2 = 129 = 3 \times 43 &\leadsto& \verb/nothing/\\
a = 4 &\implies 120+a^2 = 136 = 2^3 \times 17 &\leadsto& (a,b,c,\verb/Vol/) = (4,4,13,208)\\
a = 5 &\implies 120+a^2 = 145 = 5 \times 29 &\leadsto& \verb/nothing/\\
a = 6 &\implies 120+a^2 = 156 = 2^2 \times 3 \times 13 &\leadsto&
(a,b,c,\verb/Vol/) = (6,6,7,252)
\end{array}$$
To summarize, if the sides of the cuboids are all integers, there are 4 possible
volumes $100, 116, 208, 252$.
Best Answer
If we are assuming a fully rectangular prism---right angles all around---then there actually are only two candidates: $(h,w,l)=(20,5,2)$ and $(h,w,l)=(12,9,2)$. The former has a volume of 200, the latter has a volume of 216. So $(12,9,2)$ it is.
I solved this by exhaustive search. Here's my very dumb MATLAB code. Certainly it's not the most efficient but sometimes life calls for quick and dirty solutions. At least I limit the loops to 75, since the largest single dimension to achieve a surface area of 300 has to be less than that: $(75,1,1)$ gives us a surface area of 302:
So how would you do this without code? Well, I'd probably begin an exhaustive search, frankly, but with some efficiency. Let's rewrite the surface area formula as follows: $$2(hw+hl+wl)=300 \quad\Longrightarrow\quad hw+l(w+h)=150 \quad\Longrightarrow\quad (h+l)(w+l)=150+l^2$$ So for a fixed value of $l$, $150+l^2$ must admit an integral factorization $pq$ with $p,q>l$.
I could continue, but since this is a contest problem I probably would have taken a chance on $(12,9,2)$ pretty much as soon as I acquired it. Even if I had time I doubt I would have bothered to proceed past $l=4$ or $l=5$.