Fat quarters are approximately 18" x 22" so you would get 12 5" squares per fat quarter. If you only have 5 FQ (one each color) you would get 60 squares. Remember a rag quilt has 1" seams so the size would be about 4" finished or a grid 7x8. 28" x 32". Not very big even for a baby. You can make it larger by adding borders.