Exit Disk Utility once formating is completed. Here's what I had to do restore it to factory settings:
While it turned out to be a simple process, I didn't know exactly how to go about it initially since I was using a USB Windows keyboard. Before returning the Apple Mac Mini with Apple M1 Chip (8GB RAM, 256GB SSD Storage) to exchange for Apple Mac Mini with Apple M1 Chip (8GB RAM, 512GB SSD Storage), I had to reset it to factory settings.
