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After purchasing a long-overdue engagement ring for his wife Betty, Barney gives the ring to Fred for safekeeping so that Betty won't be tipped off. Unfortunately, Fred's own wife Wilma finds the ring and assumes that it's a present for her. Rather than break her heart, Fred pretends that he has purchased the ring himself--and Barney is out 500 dollars. There's nothing left for Barney to do than to try to recover the money by entering the boxing ring against "The Champ". Bill Thompson, better known as the voice of the MGM cartoon dog Droopy, is heard in this episode as Mr. Slate--who is NOT Fred's boss this time out!