Friday is the last day of school, the end of the fourth grade for Beaver. Miss Landers' class is going to have a party on the last day, at which each of the students is giving her a gift. Beaver doesn't know what to get her and has left the decision up to his mother. She decides to buy a set of handkerchiefs, which is a good middle-of-the-road gift from Beaver's viewpoint, but at the same time she orders a nylon slip for herself. A mix-up from the store has the slip gift-wrapped instead of the handkerchiefs. Not knowing what his mother bought, Beaver opens up the gift, and mortified, sees "ladies underwear". Without money to buy another present, Beaver must decide what to do about his mother's purchase, or look like a cheapskate by not bringing anything.
—Huggo