Do you mean "pronounced"? That the two Korean spellings are pronounced the same? As an USian English speaker, I'm going to look at you funny if you say "inna pencil", because it's not the same thing at all.
An apostrophe s ('s) is used both as a contraction for "is" and as a possessive (something belongs to the girl). So yes, it could mean both things, but usually we don't say girls are food. I know, English is wierd, right?