Count Me Out is a 1938 Warner Bros. Merrie Melodies cartoon directed by Ben Hardaway and Cal Dalton.
[1] The short was released on December 17, 1938, and features Egghead.
When he graduates, he takes on dog-like champion Biff Stew, who punches Egghead around until Egghead accidentally knocks him out.
We learn this is a dream after Egghead is knocked out by his boxing equipment.
Count Me Out is available as a bonus feature on The Amazing Dr. Clitterhouse DVD release.