Cut and fry the donuts: Step 1. Attach deep-fry thermometer to a large pot or deep saucepan, and add oil. Heat oil to 350° F. (try to keep temperature between 350° and 360°). Step 2. On a well-floured surface, use a well-floured rolling pin to roll out dough to ½-inch thickness. Lightly flour donut cutter and cut approximately 16 donuts and donut holes. Repeat this step with scraps until no more dough remains.