Concept:
For a cone,
\[
\text{Total Surface Area}=\pi r(r+l)
\]
where \(r\) is the radius and \(l\) is the slant height.
Also,
\[
l=\sqrt{r^2+h^2}
\]
and the volume of a cone is
\[
V=\frac{1}{3}\pi r^2h.
\]
Step 1: Use the given total surface area.
Given,
\[
\pi r(r+l)=384\pi
\]
Cancelling \(\pi\),
\[
r(r+l)=384
\]
Also height,
\[
h=16 \text{ cm}
\]
Therefore,
\[
l=\sqrt{r^2+16^2}
=\sqrt{r^2+256}
\]
Substituting,
\[
r\left(r+\sqrt{r^2+256}\right)=384
\]
Step 2: Determine the radius.
Testing the value \(r=12\),
\[
l=\sqrt{12^2+16^2}
=\sqrt{144+256}
=\sqrt{400}
=20
\]
Now,
\[
r(r+l)
=
12(12+20)
=
12\times 32
=
384
\]
Hence,
\[
r=12 \text{ cm}
\]
and
\[
l=20 \text{ cm}.
\]
Step 3: Calculate the volume of the cone.
Using
\[
V=\frac13\pi r^2h
\]
\[
V
=
\frac13\pi(12)^2(16)
\]
\[
=
\frac13\pi(144)(16)
\]
\[
=
\frac{2304}{3}\pi
\]
\[
=
768\pi
\]
Therefore,
\[
\boxed{768\pi \; cm^3}
\]