Molarity is moles of solute per liter of solvent (not solution), as you indicated.
M = mol/L
When you have any 2 of 3, you can solve for the third.
mol = M*L
L = mol/M
So which 2 do we have here? Which are we solving for? Limiting reagent problems are based on number of moles. Sometimes you're given grams. Sometimes you're given volume (if it's a gas), sometimes density or molarity if it's a liquid or a solution.
Granted that, we are looking for number of moles. We have a solution in this problem, which is why you have correctly indicated we need the molarity formula.
One other piece of information that may be useful is the units of molarity. The units of molarity are mol/L. Thus, one indication your first guess may not have been correct is your units - using the formula you provided, (0.600 mol/L)/(0.05L) = (12 mol/L
2) The units of your answers are a good indication of whether you're on the right track or not.
Can you use this information to give it another try?j