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In the Week 1 lab assignment for polite spreadsheets, the presenter outlines the initial steps of the assignment, including entering numeric values into cells. The cell format is initially set to "general." The presenter then proceeds to sum the values in Column F, rows 5 through 11, using the Autosum feature from the Formulas tab. After computing the sum, the focus shifts to formatting the cells. The presenter selects row 5, columns B through F, and changes the number style to "accounting," which modifies the display of the numbers by adding number signs and commas. Finally, the presenter intends to select row 6 and extend formatting down through rows 11.