Theoretical yield is the amount supposedly produced by the reaction if it was complete. The balanced chemical reaction is:
Fe2O3(s) + 3 CO(g) = 2 Fe(s) + 3 CO2(g)
We use the amounts given for the reactants as the starting point of the calculations. We do as follows:
13.4 g Fe2O3 ( 1 mol / 159.69 g ) = 0.08 mol
12.3 g CO ( 1 mol / 28.01 ) = 0.44 mol
Therefore, the limiting reactant would be Fe2O3. We use this for the theoretical yield.
0.08 mol ( 2 mol Fe / 1 mol Fe2O3 ) = 0.16 mol Fe (THEORETICAL YIELD)
8.23 g ( 1 mol / 55.85 g ) = 0.15 mol Fe ( ACTUAL YIELD)
Percent yield = 0.15 / 0.16 x 100 = 93.75%