Hei Samuel! :)
I have never in my life heard someone ask for a text to be in an "industry standard format".
When I typed "industry standard format" into google, I have also stumbled across "common industry format" or "CIF". To that there is more reference out there. From what I have read about this it's a format that supposedly best complements a report; by that I mean, it's properly structured, it looks professional and it is also easy to follow as you read through it.
I'll put the link I found best here.
And here is an example of what a CIF report looks like.
But if you want to be absolutely sure you do a good job, how about you ask the teacher that assigned you this paper what he means by "industry standard format". This way you cannot go wrong. :)