for storage, ENGINEERING sizes are /1024. for MARKETING/SALES sizes it is /1000
plus the Volume size might not show the FULL disk as you have to partition the drive and create a filesystem that take overhead. Not sure if that is taken into account.
It’s also related to the advertised capacity versus the actual, usable capacity. For example, a 250GB drive has 238GB usable. A 2TB disk has 1.83TB usable.
I suspect that what you’re seeing, Jay, is actually correct.
Well, Tim, advertised is calculated with /1000, but usable was for long calculated with /1024.
Nowadays Apple divides usable also with /1000, so the numbers advertised and shown in Finder match.