S.H.
In 1st Grade, my son's entire classroom... made one out of white and red construction like paper.
And I still have it.
The red and white stripes... were simply glued onto a white hat "form" which was also made of the same white construction like paper.
So once the white hat "form" was made, the kids glued on their red and white stripes, which the Teacher had cut out for them ahead of time, in appropriate widths.