Ah, the joys of statics & dynamics.
Mixed in with the fun which is displacement buoyancy
To follow long tradition, let us consider Queequeg's coffin (with apologies to metric readers) and assign it to be a nice neat 3' x 6' x 2' in dimension. Applying our calculator, that is 36 cubic feet. Seawater weighs (functionally) 65 pounds per cubic foot. Therefore the fully submerged displacement volumetric weight is 2340 pounds..
Let us assign a weight to the coffin of 60# and the famous harpooner of 160#. Subtracting that from the displacement weight leaves 2120 pounds of buoyancy; one ton of force is at hand to free the casket from the sinking Pequod.
If we apply the numbers in reverse, 220# is equal to 3.38462 cubic feet of seawater. Dividing by the 'plan area of 18' feet gives us a draft depth of 0.188 feet, or 2-1/4" This leaves a very high freeboard of 21-3/4" until the sodden Ishmael clambers aboard the fortunate flotsam.
At this point in the lesson, there is usually applied a trick question in which the students are asked to presume the lid has come loose, and to calculate the roll angle at which the lip would admit seawater and scuttle the coffin.
but, yes, things float by pushing the rest of the body of water they are in a tad higher--it's just hard to see spread out across the several undered thousand square miles of the ocean surface. This can be demonstrated with a small glass filled to the brim with water (in case of a need to cipher, fresh water is 62-63#/cf) and lower a golfball into it. The displaced water will spill over the edge of the glass.
Ain't math fun?