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What Is the Cost Saving from the Reduced Inventory
The saving in your case would be on the inventory carrying cost ,typically inv. carrying cost comprises of Interest cost ,cost of warehousing the inventory, insurance etc.

Lets say that you have reduced the inventory from $1000 to $700 and the annual rate of interest..i.e the interest that you would earn on the money bhad this been placed in the bank...is x% per annum.
Then the annual interest saving would be = $300*x/100
Now to this you may add your Warehouse cost reduction , material handling cost reduction etc.

In some cases it is worthwhile to develop a single Inv. Carrying Cost factor (say Y) which includes interest+warehousing cost+insurance cost etc . and then simply get the cost saving by multipling this factor with the inventory reduced amount. i.e $300*Y

Opportunity cost calculation is a little tricky affair it involves answering following questions:
1. Loss in sale due to nonavailability of the material

Here the loss = the net profit that would have been earned by the company on that order had the material been available, while calculating the net profit the Inv. Carrying cost would also have to be reduced for this order from the Gross profit earned on the order.