It is permissible to run the entire, jacketed NM-B cable through the conduit. The restriction is that it takes a mighty bite out of conduit fill, because the NM-B cable must be treated the same as a round conductor of the wide dimension. This is particularly punishing when there are 2 "wires" (i.e. two NM-B cables) because 2 "wires" are allowed ... More @Wikipedia
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