These days it is easier to convert to ounces, do the division and convert back to pounds and ounces:
1 lb = 16 oz
→ 8 lb 3 oz ÷ 3 = (8 × 16) + 3 oz / 3
= 131 oz ÷ 3
= 43⅔ oz
= (2 × 16) + 11⅔ oz
= 2 lb 11⅔ oz
Alternatively, you can do the division as it stands, but convert fractions of pounds to ounces:
8 lb 3 oz ÷ 3 = 8 ÷ 3 lb 3 ÷ 3 oz
= 2⅔ lb 1 oz
= 2 lb ⅔ lb 1 oz
= 2 lb ⅔ × 16 + 1 oz
= 2 lb 11⅔ oz
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Well, isn't that just lovely! To convert 8 pounds and 3 ounces to a single unit, you can think of it like this: 1 pound is equal to 16 ounces. So, you can add the 8 pounds to the 3 ounces to get a total of 131 ounces.
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8 pounds is greater. 16 ounces make a pound so 96 ounces is 6 pounds.
16 ounces in a pound so there are 128 ounces in 8 pounds
8 pounds is 8 x 16 = 128 ounces which is less than 130 ounces