Converted damage has increases to one type applied to both types?

Hi - I'm sure this is me failing to understand something, but I'm trying to learn to scale damage by starting with simple calculations for basic item and skill configurations.

In this example, I have a single example bow and one skill, Ice Shot, which converts some physical damage to cold damage. To observe the effect of different modifiers, I'm manually adding them to the Configuration pane and checking the results in the Calcs pane.

If I add modifiers to cold damage, such as "10% increased Cold Damage" or "10% increased Elemental Damage", and check the MH Hit Damage for Cold, they appear to apply twice. Once for the base Physical Damage before it is converted to cold, and then again for the base cold damage. I would have expected these elemental modifiers to only apply once, to the sum of the converted physical damage to cold and the base cold damage. The Wiki and Mark_GGG comments seem to suggest that conversions are done before any modifiers are applied, but in this case the modifiers appear to be applying before the conversion.

https://pobb.in/nq3M7YhI_BEX

Start with the linked PoB example and reproduce the result using the Configuration and Calcs panes for Ice Shot and the sample bow. Compare how converted physical damage and base cold damage respond to the listed cold and elemental modifiers. Done means the behavior is reconciled with the expected conversion order or the discrepancy is clearly explained.