Modified the dimensions to 13 inches deep, 40 inches wide and a lower clearance of 4 inches to accommodate a vent diverter for an exsisting heat vent.
I used Maple Plywood (3/4 inch) for the bench, and 1/2 inch for the back (to allow maximum seating depth on the bench). The paint was leftover Valspar reserve paint from a recent bathroom project... and the paint dipped baskets were found at a local store called "the christmas tree shops" for under 25 dollars for both!
The project came in at just under $150 - well below our budget if we had purchased something in store. It was mounted to the wall for safety, as we have a dare devil toddler!