The coordinates in the gcode are relative to the starting point of the job (i.e. the bottom left). Since your project isn’t cutting out the 54x11" rectangle I wouldn’t expect any X or Y values that big in the gcode.
It looks like the topmost, outermost circle has its right side at X = 9.906" and top at Y = 51.781". Since it’s set to cut that as an inside outline, with a 0.125" bit, the maximum X and Y values of the toolpaths should be X=9.843" (9.906" minus the radius of the bit) and Y=51.719" (51.781" minus the radius). That seems right in line with what you observed. If you still think there’s something wrong could you clarify which coordinates or dimensions you’re looking at in the gcode and what you expect them to be? Thanks!