After a little of research online, I determined that my problem was more than likely the Dryer Thermister. There was a slight chance that it could have been the Moisture Sensor Bar. Since the sensor bar was only a few dollars more, I decided to purchase both. Another possible cause could have been the venting. However, I thoroughly checked the vents for any blockage before purchasing the replacement parts.
After removing the sensor bar from the dryer, it was obvious that it was not the problem. There was no rust and no patina visible so I reinstalled it and moved on to the Thermister. There is a video available for viewing that explains the install instructions. It was extremely helpful and made replacing this part a breeze.
After replacing the Dryer Thermister, the status light immediately changed from "Sensing" to the proper status. The dryer is working great.