Please don't gut-shoot me and throw me in the hog pen, but I fetched home a non-double the other evening, actually it isn't even a shotgun.

OK, it's a Ruger 44 Carbine, but my question would apply to sxs's too. On top of the stock, right behind the receiver, there is a chip of wood missing. It's about 1/4" wide by 1/2" long by 1/8" deep, give or take a little. I'm sanding the stock to refinish, and saving the "sawdust" from my sanding. I've read here, but can't find, how to go about mixing glue and this dust to make a filler. All I have on hand is Elmer's Carpenter's Wood Glue. Is this what I need to use, or is there something else that would be better? All else I can think of is to sand the whole area down to the bottom of this chipped place. It might not look quite right, but shouldn't be a problem for any other reason. Any good suggestions?
Thanks, Curtis