The balanced equation for this reaction is [tex]3\text{CO}+\text{Fe}_{2}\text{O}_{3} \longrightarrow 2\text{Fe}+3\text{CO}_{2}[/tex].
This means that for every mole of iron(III) oxide consumed, 3 moles of carbon monoxide are consumed.
This means that iron(III) oxide has a formula mass of 2(55.845)+3(15.999)=g/mol, and thus 318 g is equal to [tex]\frac{318}{159.687}=1.9913956677751 \text{ mol}[/tex].
So, this means we need [tex]3(1.9913956677751)=5.9741870033253 \text{ mol}[/tex] of CO.
This means CO has a formula mass of 12.011+15.999=28.01 g/mol, and thus 5.9741870033253 moles have a mass of (28.01)(5.9741870033253), which is equal to about 167 g (to 3 sf)