Advise how to reupholster a small Stool

I need to reupholster a small stool for my garage The seat of the stool measures 14 ins by 10 ins approx

My question what to use a padding

Do I use foam or would a piece of high quality carpet be suitable

Further if I took the carpet option would I have the carpet pile facing up or down

or is there a better approach

I plan to cover the padding with leather

regards Brian

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Advise how to reupholster a small Stool