Question 5 of 11 View Policies < Current Attempt in Progress -/1 E ! At December 31, balances in Manufacturing Overhead are Sheridan Company-$2,100 positive, Concord Company-$1,067 negative. 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. The adjustment will Sheridan Company: Cost of Goods Sold and Manufacturing Overhead. Concord Company: The adjustment will Cost of Goods Sold and Manufacturing Overhead. eTextbook and Media