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

Inizia con l’esempio PoB collegato e riproduci il risultato usando i pannelli Configuration e Calcs per Ice Shot e l’arco di esempio. Confronta il comportamento del danno fisico convertito e del danno da freddo base rispetto ai modificatori di freddo ed elementali elencati. Il lavoro è completato quando il comportamento è riconciliato con l’ordine di conversione previsto oppure la discrepanza è chiaramente spiegata.