The scene with the cake was previously used in the silent Our Gang short Ten Years Old. A similar scene was used in the silent Our Gang short Rainy Days. Neither film had a sound effect. The sound effect for the cake appears to be something that most people who grew up watching The Little Rascals on TV remember most.
I remember similar toys, but they were in can-like form. When the can was turned over, the same sound was made as in "Spooky Hooky". Cans like this can be found at grandpasgeneral.com/shop/moo-cow-the-box-toy-p-288.html . To me the cake sound appears to be more of a human made sound.