1. Core and peel apples. Cut in slices 1/2-inch thick. Sprinkle with powdered sugar. Set aside.
2. In medium mixing bowl, stir together flour, granulated sugar, baking powder and salt.
3. Combine egg, milk and cooled melted shortening. Add to sifted dry ingredients, mixing until smooth. Stir in cereal.
4. Dip apple slices in batter, completely coating them. Place slice in hot oil and fry at 350°F about 5 minutes or until browned. Drain on paper towels. Serve hot, plain or with fruit sauce.