Balanced Equation
#"2Fe"_2"O"_3 + "3C"##rarr##"4Fe + 3CO"_2#
This is a limiting reactant stoichiometry question. The maximum amount of #"Fe"# that can be produced is determined by the limiting reactant. We have to determine the amount of iron that can be produced by #"500"# grams of iron(III) oxide, and #60# grams of coke.
Mass of Iron Produced by Iron(III) oxide.
#color(red)("Convert the mass of iron(III) oxide to moles by multiplying by the inverse of its molar mass, 159.687 g/mol."#
#color(blue)("Determine the moles of iron produced by multiplying the moles iron by the mole ratio between iron and iron(III) oxide":#
#"4 mol Fe":##"2 mol Fe"_2"O"_3"#
#color(green)"Determine the mass of iron produced by multiplying the moles iron by its molar mass"#.
#550"g Fe"_2"O"_3xxcolor(red)((1"mol Fe"_2)/(159.687"g Fe"_2"O"_3))xxcolor(blue)((4"mol Fe")/(2"mol Fe"_2"O"_3))xxcolor(green)((55.845"g Fe")/(1"mol Fe"))="385 g Fe"#
Mass of Iron Produced by Coke
Follow the same procedure as above, substituting #"C"# for #"Fe"_2"O"_3"#, and use the mole ratio #4"mol Fe:"# #3"mol C"#.
#60"g C"xxcolor(red)((1"mol C")/(12.011"g C"))xxcolor(blue)((4"mol Fe")/(3"mol C"))xxcolor(green)((55.845"g Fe")/(1"mol Fe"))="372 g Fe"#
Coke is the limiting reactant because it produces less iron than iron(III) oxide.
I didn't round to the proper number of sig figs because it would give the wrong answer.