Fusion drive doesn't recognize full capacity, only 32 Gig!

My son's just out of the box iMac with BTO Fusion Drive, 1.2 TB, only recognizes 32 Gig as the full capacity - what is up with this and was is the resolve? The About This Mac sees the drive as a 1.2 TB but the ribbon showing the type and usage by content type is only showing the 32 GB value.