The scope adjustments are supposed to be MOA, but that needs to be measured and confirmed. The biggest favor you can do for yourself is to get a SWFA 10x42 with matching MOA reticle and turret (or matching in MRAD), and simply use the reticle to measure how low your shot lands. Then dial this number into the turret. Given your current scope, you can use the mil-dot reticle to measure how low your shot is and multiply that by 3.438 to get the number of MOA to dial into the turret. If you insist on using inches (the most complicated and least effective way to do it), then you can take the distance of the POI from the POA, divide that by the distance in yards, times by 100, divide by 1.047, and dial that into your elevation turret.
If you need to come up 16" at 400 yards, then
16" / 400 * 100 / 1.047 = 3.82 MOA
So if your turret is set to "0" with your 300 yard zero, then simply dial up to 3.75 MOA ("3" plus 3 clicks).
If you need to come up 60" at 700 yards, then
60" / 700 * 100 / 1.047 = 8.19 MOA
So dial from "0" to 8.25 MOA ("8" plus 1 click).