I used the Cricut Cupcake Wrappers cartridge to make the waved shape cupcake wrappers. I found that setting my Cricut to cut at 2 1/4 was perfect for normal size cupcakes. I was able to get two wrappers out of a 8.5 x 11 piece of cardstock. I made the paper umbrellas using this DIY Cocktail Umbrella tutorial over at create.craft.love blog.
The cups were a Dollar Tree find. I made flagged straws so the kids would know what cups was theirs.
I wanted something that would match the hula skirts that I made all the girls. For really cheap I made hula skirt snack cups out of paper cups, green crepe paper, and paper punched flowers.