So this is what I came up with:
I used remnant fabric for the flowers so I think I paid under $2 a yard for the polyester satin. I bought the beads from the clearance bin for under $0.50. The fabric is linen for that lovely unfinished look and wasn't on sale but I only needed about a yard and a half. I stitched the ruffles on the sewing machine but you can easily just baste stitch them by hand and pull them into a ruffle. It wouldn't take that much time and effort. Then it was just wrap and hot glue and wrap and hot glue....
And yes, I glued the flowers on the wrong side and yes all the ruffles are going the wrong way. Do as Emily says and not as I do.