Logitech M310 mouse reporting incorrect battery level

I was getting endless complaints about my mouse battery being low (5%) on gnome-shell (3.28) on fedora 28, but the mouse was working perfectly so I was loath to change the battery. Today I broke down and put a fresh battery in the mouse (measured at 1.55V) and noticed that the battery level in gnome settings / power was only at 55%. This matches what upower is returning,

$ upower --dump
Device: /org/freedesktop/UPower/devices/mouse_hidpp_battery_0
  native-path:          hidpp_battery_0
  model:                M310
  serial:               1024-22-71-40-8b
  power supply:         no
  updated:              Thu 22 Nov 2018 05:55:49 PM EST (113 seconds ago)
  has history:          yes
  has statistics:       yes
  mouse
    present:             yes
    rechargeable:        yes
    state:               discharging
    warning-level:       none
    battery-level:       normal
    percentage:          55%
    icon-name:          'battery-good-symbolic'

Digging around in /sys/class/power_supply/hidpp_battery_0 I couldn't find any battery capacity related to 55%, the only value I found in there was,

$ cat capacity_level 
Normal