Assume we have a dataframe similar to your example:

import pandas as pd
df = pd.DataFrame.from_dict({'FILE_CREATION_DATE': ['2017-09-06'], 'FILE_DATA': ['''<?xml version="1.0" encoding="utf-8" ?>
<REPORT xmlns:i="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://schemas.datacontract.org/2004/07/CrashReport.DataLayer.v20170201">
<CRSREPORTTIMESTAMP>2020-10-08T06:49:31.813812</CRSREPORTTIMESTAMP>-
<AGENCYIDENTIFIER>MILWAUKEE</AGENCYIDENTIFIER>-
<AGENCYNAME>Milwaukee Police Department</AGENCYNAME></REPORT>''']})

df

FILE_CREATION_DATE  FILE_DATA
0   2017-09-06      <?xml version="1.0" encoding="utf-8" ?>\n<REPO...

let's get the possible values from your XML. We'll just take the first row and assume the rest is identical.

import xml.etree.ElementTree as ET

root = ET.fromstring(df['FILE_DATA'][0])
# we need to get rid of the XML namespace, therefore the split by }
columns = [c.tag.split('}', 1)[-1] for c in root]

# convert each XML into a dictionary and asssign to the columns
df[columns] = df['FILE_DATA'].apply(lambda x: pd.Series({c.tag.split('}', 1)[-1]:c.text for c in ET.fromstring(x)}))
df.drop('FILE_DATA', axis=1, inplace=True) 
df


FILE_CREATION_DATE  CRSREPORTTIMESTAMP          AGENCYIDENTIFIER    AGENCYNAME
0                   2017-09-06 2020-10-08...    MILWAUKEE           Milwaukee Police Department

You can easily use xml (from the Python standard library) to convert to a pandas.DataFrame. Here's what I would do (when reading from a file replace xml_data with the name of your file or file object):

import pandas as pd
import xml.etree.ElementTree as ET
import io

def iter_docs(author):
    author_attr = author.attrib
    for doc in author.iter('document'):
        doc_dict = author_attr.copy()
        doc_dict.update(doc.attrib)
        doc_dict['data'] = doc.text
        yield doc_dict

xml_data = io.StringIO(u'''YOUR XML STRING HERE''')

etree = ET.parse(xml_data) #create an ElementTree object 
doc_df = pd.DataFrame(list(iter_docs(etree.getroot())))

If there are multiple authors in your original document or the root of your XML is not an author, then I would add the following generator:

def iter_author(etree):
    for author in etree.iter('author'):
        for row in iter_docs(author):
            yield row

and change doc_df = pd.DataFrame(list(iter_docs(etree.getroot()))) to doc_df = pd.DataFrame(list(iter_author(etree)))

Have a look at the ElementTree tutorial provided in the xml library documentation.

Use [] to filter and reorganize columns:

cols = ['Application_ID', 'Product_Type', 'Product_ID']
df = pd.read_xml('product.xml')[cols]
print(df)

# Output:
  Application_ID  Product_Type  Product_ID
0      BBC#:1010             1          32
1      NBA#:1111             2          22
2      BBC#:1212             1          63
3      NBA#:2210             2          22

If you want to replace '_' from your column names by ' ':

df.columns = df.columns.str.replace('_', ' ')
print(df)

# Output:
  Application ID  Product Type  Product ID
0      BBC#:1010             1          32
1      NBA#:1111             2          22
2      BBC#:1212             1          63
3      NBA#:2210             2          22