The wire in the flexible conduit is most definitely labeled 12 AWG.
Whether or not it is mislabeled, I don't know.

The labeling on the red wire is as follows. Black is similar if not the
same:
12AWG E-44576(14) AWM 3173 600V 125C -- LL14432(14) CSA XLPE CL1251
125C 600V FT2

I think this means it is #12, rated up to 600 volts and 125 degrees
Celsius (so better ampacity than standard THHN, but 10A better?).

Thanks for the reply. The oven is UL rated, but I purchased it "open
box". I just want to make sure that the leads are safe.. it appears it
came from the factory this way by the way it was crimped into the
internal electronics of the oven (same crimps and crimp connectors as
others on the unit, very clean). But #12 just seems too small, thus I'm
conflicted

-Eric