A farmer is initially delighted to get a baby goat, but this soon turns to apprehension when he discovers that it eats literally anything (including, at one point, the animation artwork).
As a Southern farmer wolf sits down to breakfast, a knock comes on his front door. Opening it, he finds a baby billy goat in a basket. A note with the cute little fella says that he eats anything. As if to prove the notes point, the little goat quickly begins to eat up almost anything in in the farmer's home.The farmer tries to keep the little goat, whom he calls "Billy Boy" under control, but Billy continues to eat to his heart's desire. After a little while, the farmer tries to dispose of little Billy Boy, and at one point sends him off along a nearby railway, with the little goat eating up one of the metal rails.The farmer then settles in for some sleep, only to wake up sometime later, to find Billy is back (and the house eaten by him). Nonchalantly, the wolf straps Billy to a rocket, and fires it to the moon. All seems okay, until Billy Boy ends up eating the moon, plunging the cartoon into darkness. The wolf then lights a match, wishing the audience good night.