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In the Week 1 lab assignment for SPA on polite spreadsheets, the presenter outlines the initial steps taken, including entering numeric values into cells with a general format. They proceed to sum the last row in column F, specifically rows 5 through 11, by navigating to the Formulas tab and selecting the Autosum function. After summing the data, the presenter focuses on formatting the cells, showcasing the options available such as currency and accounting styles. They select row 5, columns B through F, to apply the accounting number format, which automatically adjusts the numbers with appropriate symbols and commas. The next step involves selecting row 6, column B down to row 11 for further formatting.