When babysitting, Costello falls asleep and dreams he is Jack of the fairy tale, Jack and the Beanstalk. Dink, played by Abbott, and Jack declare their intentions to rescue the princess and bring back the hen that lays the golden eggs. Instead, they are captured by a "man-eating" giant and threatened with great punishment until Jack effects a swashbuckling escape and, after his friends have followed, Jack the giant killer chops down the beanstalk.