The mult instruction is a signed multiplication of two 32 bit registers. It stores the results the the special (Hi,Lo) register which combined gives you a 64 bit result. The reson for this is that when you multiply two 32 bits values the result can be too large to fit in a single 32 bit register.
If the goal of the exercise is to manualy deal with 1s and 0s and do the multiplication yourself then yes you can do that. However you will most likely messup somewhere with that many digits.
Lets see if we can use a little deduction to get an idea of what the result should look like first:
In two's complement, the most significant digit is the sign:
Looking at the operation you know right off that the most significant bit of your result will be a 1. This means that the Hi register's highest bit will be a 1.
This said now lets look at the values we are multiplying (I am omitting the sign for now we will get back to that):
230 x 3 = 230 x (21 + 20)
= 2^31 + 2^30
We have now turned our multiplication into an addition which is much easier to do. In this case the binary represenation of this value is a 1 at bit 32 and 31 or:
1100 0000 0000 0000 0000 0000 0000 0000
now we need to take this value and turn it back into the negative number representation but now over a 64 bit register: so the 64 bit positive value looks like:
0000 0000 0000 0000 0000 0000 0000 0000 1100 0000 0000 0000 0000 0000 0000 0000
Twos complement works by subtracting the positive number from the max positive number with the same number of bits (all 1s) and then adding one to the result:
example on a smaller scale:
3 = 0011
-3 = 1111 - 0011 + 0001
making -3 = 1101
Now lets apply this to our 64 bit value first let us subrtact the positive result from the max 64 bit int value:
1111 1111 1111 1111 1111 1111 1111 1111 1111 1111 1111 1111 1111 1111 1111 1111
-0000 0000 0000 0000 0000 0000 0000 0000 1100 0000 0000 0000 0000 0000 0000 0000
=1111 1111 1111 1111 1111 1111 1111 1111 0011 1111 1111 1111 1111 1111 1111 1111
adding one to that value makes:
1111 1111 1111 1111 1111 1111 1111 1111 0100 0000 0000 0000 0000 0000 0000 0000
so the registers after the operation will be:
Hi = 1111 1111 1111 1111 1111 1111 1111 1111
Lo = 0100 0000 0000 0000 0000 0000 0000 0000