The petticoat is actually from my Young Friends of Opera New Zealand days when I was a bridesmaid in Trial By Jury. We had to make our own petticoats to wear under some vivid pink tulle ballet skirts. I decided mine would be circular and like a can can dancers, with ruffles on the inside.
Fortunately cotton voile and its close relatives are strong but able to be ripped along the weft with no need to finish. The raw edges will not unravel.
So I was able to cut down some time with sewing this petticoat. I still only managed to do 5 layers, and I have not found the same fabric again. Or else I would continue the ruffles further up to about hip length.

The diagrams show how to make a circular ruffled petticoat for yourself.
The first diagram shows the fabric laid out ready to cut, but you should do the measurements before this, so you know how much fabric you need. Unless you are using calico as the base, you are not likely to find fabric wider than 150cm (60") wide, which will not be wide enough to make a single circle. You'll need to cut to semi circles so that you wind up with two side seams.
The amount of fabric you need for the base of the skirt is the radius of your waist plus the length of the skirt plus 2" seam allowance all multiplied by four.
Note in the first diagram the top edge (R-P) is the double fold, if you cut anywhere else you will wind up with one half and two quarter circles. Which is not a big problem if it happens, you use the two quarter circles for the back, and have a centre back seam as well.
To get a perfect quarter circle you can pin* a sturdy string at point P trail out to point Q, holding it nice and tight and straight. Either tie a knot at that point and sweep it out in an arc to point R and mark on the fabric where the knot passes or you can tie a tailors chalk/pencil and describe the full arc. You can do the same thing for the waist.
Decide where you want the skirt/petticoat to fasten. You will have two side seams, and a side fastening is very nice. Or you can slash a short opening down the centre back. it should lie in the folds of the skirt.
You can hem it however you like, I added a ruffle to the edge for a bit more length, but it really is up to your needs.
The most time consuming part is making and sewing the ruffles. The second diagram shows the way to determine how much fabric is needed for each ruffle. You will also need to decide just how many you will use to determine how wide each ruffle will be. They should over lap slightly so that the inside of the petticoat is not seen. You can overlap as much or as little you like, just remember the more they overlap the more the skirt will stick out, and the heavier it will be. Not to mention how much more fabric you will need.
The ruffles should end about hip height. They won't be seen any higher than that and they will add more bulk to the area between waist and hip otherwise.
As for the waist, I just folded down the seam allowance and sewed it flat, then passed a cotton tie through the gap for a drawstring waist. This way I can direct the gathers to the back or more evenly depending on the garment worn over it. I also made the waist a good deal larger than my own.
If you are making it multipurpose too you could also use elastic in place of the tie. Or a waist band to finish, it's all up to you.
If you are wanting it for a can can costume, remember the lines of sewing the ruffles will show through the surface. You will need to make another skirt to wear over it, you can either have it separate so you can use the ruffled skirt for something else, or you can match the hems and sew together as if the ruffled skirt was the lining. If separate, a few tacking stitches round the hems to hold them together will help when you want to wave the skirt can can style.


* I have a cardboard cutting surface I can pin through as well as the fabric. so that the pulling of the string does not lift the fabric. If you have a friend they could hold down the string at point P, or you could use a wieght if you do not have the same kind of surface to work on.