New CFO allocates all invoices for Inventory directly to COGS, and says the COGS account is the same as the Inventory account

Hi everyone! I'm a bookkeeper at a mid-sized service-based company, which was recently acquired by a larger group. This larger company has their own CFO and staff accountant, and they have taken over managing our Accounts Payable, which was previously my responsibility. The new company has been sending us regular "P&L Reports", which are solely expense reports with none of our revenues recorded.

Recently, these reports have begun allocating any invoices we receive for inventory directly to "COGS- AP Invoices", despite the fact that the products received on these invoices are still in our inventory and have not yet been used on the job. When I questioned them about this, the staff accountant replied that "this account was used to set up these vendors" and that their COGS account is really their inventory account.

Does this make any sense? As I understand it, Inventory is an asset account and COGS is an expense account. While they are related, in an accrual-based system, inventory only moves to COGS once it's used in the course of business. As we're being held responsible for meeting profit quotas based on these reports, it's in our best interest to ensure that our expenses are being reported accurately. Am I right to be questioning the new CFO's methods? I'm not especially confident in my accounting knowledge, but I do my best to understand and it seems like basic principles aren't being followed here. I'd really appreciate some insight on this situation before I push the issue further. Thank you!