The spelling of the word "goloshed" is not commonly used, but if we break it down phonetically, it can be better understood. In IPA transcription, it would be pronounced /ˈɡɒləʃt/. The "o" is pronounced as the "o" in "hot", the "sh" as in "shut", the "e" as in "men", and the "d" as in "dog". So, in essence, "goloshed" is spelled as it sounds phonetically. However, it should be noted that the more commonly used spelling of this word is "galoshed".
Applied to half boots in which the parts passing round the ankles are of a different material from the rest of the upper-generally of a finer quality of leather, with elastic gussets at sides, or made to lace or button.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.