In a large bowl cream shortening and sugar untill light and fluffy.
Add eggs, one at a time mixing well after each addition. Add Pumpkin and cereal, mixing well... Let stand 2 min. Sift flour, baking powder, spice and salt together then stir into pumpkin mixture, half at a time...
Cover, chill for 1 hour or until dough is stiff enough to handle. on lightly floured surface, roll out dough to 1/2 in. thickness and cut with 2 1/2 in doughnut cutter.
Deep fry in large pan with 2 in of oil at 375 . Fry a few at a time about 1 min per side or until thoroughly cooked and golden brown.
Drain on paper towel on wire rack. Repeat with the trimmings to use all of the dough. Dip cooled doughnuts in cinnamon sugar or powdered sugar if desired.