Donald's pancakes smell like a better breakfast for Chip and Dale than acorns. Donald tries to slip them a cement pancake in return.

Episode summary and info from: The Encyclopeida of Disney Animated Shorts

There is a final scene showing Donald having gone through the stovepipe on the chimney and ending up as a Chinese stereotype. Dale then picks up a pancake and puts it on his head, mocking Donald with the same stereotype. This scene has been cut from current showings of this short, but is preserved on most home releases, including the recent Classic Cartoon Favorites: Starring Chip n Dale DVD.

Two images from that final scene are included below for historical purposes and may be considered offensive to some viewers.