Assuming the December 31 adjustment is made to cost of goods sold, indicate the effect that each company's adjustment has on its cost of goods sold. Waterway Company. The adjustment will Cost of Goods Sold and Manufacturing Overhead. MontyCompary. The adjustment will Cost of Goods sold and Manufacturing Overhead. Assuming the December 31 adjustment is made to cost of goods sold, indicate the effect that each company's adjustment has on its cost of goods sold. Waterway Company. The adjustment will Cost of Goods Sold and Manufacturing Overhead. MontyCompary. The adjustment will Cost of Goods sold and Manufacturing Overhead