I match the square edge of my outer and inner sponson walls with a known square edge of the foam. I then sandwich the foam with the pre-cut walls using a carpet tape( took me a few tries to find good stuff). My walls are white birch with a layer of 18 inch balsa. I put the carpet tape on the balsa first, then line one side up with the foam, and stick it on. I use a square and line up the other side, and stick it on, too. I then cut the excess foam off with a box cutter with the blade extended all the way out. I get it as close to the wood as I can, then I carefully block sand it till it is perfect. I then dig trenches where the cross beams will go and epoxy them in. I put the planking on with epoxy. The layer of balsa and plywood plus the cross beams provide a good ledge for bonding the planking on.
My style of sponsons (coined by MikeP as the hammercut), are perfect for this method.
Hammer