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Beaver (Jerry Mathers) and his friends Gilbert (Stephen Talbot) and Richard (Richard Correll) pool their resources to buy a burro named Pepe. But once the transaction has been made, it turns out that each of the boys' parents agreed to lend them the money only if Pepe stayed at one of the other boys' houses. With Richard and Gilbert's folks refusing to board the burro, Beaver is stuck with the responsibility -- much to the dismay of Ward (Hugh Beaumont) and June (Barbara Billingsley), who correctly predict that Pepe will be a catalyst for disaster!