To solve this problem, we need to first find a common denominator for all the fractions.

We can see that the common denominator for 1/8, 7/12, 3/8, and 1/12 is 24.

Now, we convert each fraction to have a denominator of 24:

1/8 = 3/24
7/12 = 14/24
3/8 = 9/24
1/12 = 2/24

Now we can add the fractions:

3/24 + 14/24 + 9/24 + 2/24

= (3 + 14 + 9 + 2)/24

= 28/24

Now we simplify the fraction:

28 ÷ 4 = 7
24 ÷ 4 = 6

So the final answer is 7/6 or 1 1/6.