Outlining key parts of the story, consider this a spoiler warning if you want.
In this world, you can attach a penis, vagina or breasts at will. The main character can't find his penis (even though he was playing with it last night) and has to go to school as a girl. The teacher at the gate is checking to make sure you're properly equipped, dressed and behave as your character. He disciplines the main character for speaking like a guy and for forgetting to put on his breasts. The teacher tells him to borrow some from the school nurse, who gives him some rather big ones, and no bra. Since the main character and his friend are now opposite genders, any appropriate activity, even sexual, is alright. They do mention that if they were both guys they would get in trouble. In the end, his mother finds his penis in the laundry and he goes to school as a guy. But on the last page, you'll notice that his friend is a girl today, and she doesn't have breasts. She says she wants to try the ones the main character used yesterday.