How do I fill in missing "chunks" of wood on a wooden piece?



I found a wooden magazine holder at our local Goodwill for $1.99. I've sanded it, but it has a few missing pieces here and there. What is the best thing to "mend" it with??
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I've used wood dough or wood putty. It comes in a tube or a can. Wait until it dries, sand, and paint.
That sounds easy enough. About how long is the drying time?
Thanks much for your good idea.