The balanced equation for this reaction is
Mg + H2SO4 --> MgSO4 + H2↑
The amount of magnesium is 120g which is 120g/mole ÷ 24g = 5 moles
That fact means that 5 moles of hydrogen gas will be produced.
The volume of one mole of hydrogen gas is 22.4l.
So, the total gas volume will be 22.4L/mole x 5 moles = 112L at standard temperature and pressure.