QUESTION: WHY IS THE ARMOR RATING NOT CACULATING correctly on my character?

So here's what I have for an apparent Glitch:

I put on robes and a helmet that increase smithing by a total of 45%. I have all perks for smithing. Smithing is 100%.

At the forge, I smith Stalhrim Light Bracers, Armor rating of 30.

At the Workbench, I refine them to Legendary. Armor Rating of 72.

I have Light Armor at 100. I have 3 ranks in Agile Defender Perk (+60% to L.A.). I have Custom Fit (+25% when weraing all L.A.)

When I equip the bracers (Wearing Light Armor cowl, light armor mask, light armor chest and light armor boots as well), the rating of the gauntlets is only shown as 90.

72+(72*.6)+(72*.25)=133.2 OR 72+(72*.25)=x then x+(x*.6)=144.

QUESTION: WHY IS THE ARMOR RATING NOT CACULATING correctly on my character?