believe this is is proper.
What you need to do is calculate your totals if you really want to know.
For example a Constructor has manufacturing cost of 110.
Your shipyard has a manufacturing capacity of 100.
So your constructor (if building only 1) will always cost 2 rounds, This is what is showing when you select a ship to build. What would be nice if when you queue up a ship, you could see your current excess manufacturing total. And even better is it will adjust the next ship in queue based on that.
But lets say you queue up 3 constructors. The first costs 110, your shipyard builds 100 in the first round, the second round your shipyard produces another 100, but your constructor only needed 10 to finish it, so second round your first constructor is completed. Then in the 3 round your 2 constructor is started, which gets 100 manufacturing, but you still have 90 left over from previous round, so you now have 190, your second constructor uses 110 and completes in the third round round. The third constructor starts in the fourth round (costs 110), and shipyard produces 100, plus the 80 that is still left over, so 180, and your third constructor finishes in the fourth round.
This is why late in the game if you produce a lot of constructors, and then switch to a HUGE ship with a high cost, it will build it in one round.
The thing I don't like is if you turn off shipyard construction (notification queue), you still do not seem to accumulate the excess production. So what is a good idea is rather than turn off a shipyard production is to generate a extremely low cost ship (lowest you build) and then just queue up tons of these. This will keep the shipyard busy, and accumulate the excess builds, so when you go to war or need a quick ship it's built up an extreme amount of manufacturing which you can immediately use on the next round. You can also then just sell any of these excess ships each round for extra $$.