Answer
$3xy^{2}(4xy^{2}-y^{3}+3x^{2})$
Work Step by Step
We factor out $x$ and $y$:
$12x^{2}y^{4}-3xy^{5}+9x^{3}y^{2}=3xy^{2}(4xy^{2}-y^{3}+3x^{2})$
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