Mr. Krabs in an effort to increase profits and decrease costs puts SpongeBob into a chef exchange program. SpongeBob goes to work for Fancy! while the head chef Le Schnook works for the Krusty Krab.
Things do not start out well for SpongeBob as the owner demands he cook Gourmet. Unfortunately, SpongeBob is quite literally incapable of cooking anything but Krabby Patties, to the degree were he can't even fry an egg without it instantly transforming into a burger. The owner continues to yell at him until he actually tastes a patty, realizing how good it tastes he begins to sell them which all the rich clientele enjoy. Eventually, SpongeBob's time there is up and he is eager to return to the Krusty Krab, unfortunately that's not what the owner of the customers want and they attach themselves to his ankles and beg him not to go.
Meanwhile things aren't going well at the Krusty Krab. Being bullied by Le Schnook into buying expensive decorations, ingredients and serve food to non existent customers, The Krusty Krab (and Mr. Krabs) goes completely bankrupt and goes out of business. He sells the decorations, his home possessions, Squidward, and his desk. Le Schnook then gives him a bill for services. Mr Krabs breaks down crying realizing what giving away SpongeBob cost him. It is at that time SpongeBob returns, a massive chain of customers still attached to his ankles.
The episode wraps up with the Krusty Krab open again. Old and rich new clientele happily eating off the floor like pigs.
Mr. Krabs states Fancy! is far, far away although Mr. Krabs dates Mrs. Puff there and it is still in Bikini Bottom. It is possible that it had closed in Bikini Bottom.
It was revealed that one of Pearl's friends (appeared in "Whale of a Birthday", she is orange with a purple dress and blue hair) ate at Fancy!, meaning that she is rich, because a table for one costs $50,000.
If you play the part where SpongeBob puts the eggs in the pan frame-by-frame, the eggs immediately turn into a Krabby Patty, rather than gradually "growing" into one, as what cartoons usually do.
The line, "I would not wipe my own bottom with this!" and "I would not wash my own bottom with this, after carefully wiping, and wiping, and wiping!" made this episode the most controversial episode in season 5, and one of the most in the series.
In this episode, Mr. Krabs exclaimed that SpongeBob was the best fry cook he ever had, but in "The Original Fry Cook", he states that Jim was the best fry cook that he ever had.
The Kazook Fruit is based on the real-life Durian fruit, which has a smell said to resemble rotten eggs and gym socks.
At the end when SpongeBob is putting the bag of Krabby Patties in his briefcase, the bag was red, but in the next shot the bag is brown and there is another bag in the other briefcase.
Le Schnook gives Mr Krabs a bill for his services when he was there as part of a temporary chef exchange program.
When Squidward is being carried out the Krusty Krab, the fish's eyes on the right are closed and when he blinks they open, the opposite of what normal eyes do. Also when they take Squidward out, his eys don't have an iris or pupil.